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Bitcoin Falls as US Federal Reserve Moves to Curb Inflation

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Bitcoin has dropped to about $45,000 despite increasing buying activities after the US Federal Reserve hints at reducing its balance sheet to tame inflation.

Source: Coindesk

BTCUSD is down -0.24%

The altcoins have also dropped in the past day, with ether, Solana, and XRP losing as much as 5%, while Avalanche and Polkadot have plunged more than 6%.

Dogecoin is the only cryptocurrency on the green, driven by a positive sentiment that its ambassador Elon Musk may join Twitter, Inc. board.

Bitcoin has been on a bullish momentum in the past week, rising to a three-month high of $48,000 before dropping to $44,500, a price that has seen more buy entries.

A report by Glassnode shows that bitcoin has recorded about 96,000 BTC/ month in outflows, showing a strong buying pressure among investors.

Bitcoin is reportedly seeing an increase in buying activities, mostly from institutional investors. BTC ETFs holdings in Canada have jumped by 6,594 worth $300 million from January 2022 to bring holding to 69,052 BTCs.

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