Blink and you missed it. No sooner did bitcoin surge to a multi-month high of $21,550 did sellers emerge, sending it down $1K in a matter of minutes. An upcoming DOJ announcement and hawkish Fed gave traders an excuse to sell. oknightcrypto reports
a major international crypto enforcement action coming at noon ET. There were also some hawkish comments from St. Louis Federal Reserve President Jim Bullard, who suggested the central bank should hike interest rates by 50 basis points at its next meeting in February versus market expectations for a 25 basis point move.
All three major U.S. stock market indices are also in the red, with the Dow Jones Industrial Average leading the downside with a 1% decline.Among crypto-related stocks pulling back are Coinbase down 4%, Marathon Digital down 17%, and MicroStrategy down 11%.
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