Bitcoin Dropped To $43K After The Fed FOMC Meeting

Bitcoin dropped to $43K after the Fed FOMC meeting. The crypto world has been on the decline following the Federal Reserve's commitment to lower the balance sheet. At the Federal Reserve's FOMC meeting in December, it was emphasized that the Fed is determined to lower its balance sheet and raise interest rates in 2022. After this news, Bitcoin (BTC) and the general cryptocurrency market started to lose value rapidly. The price of the leading cryptocurrency BTC fell to $43,000 as the stock markets corrected. This drop triggered a $222 million wave of liquidations in less than an hour. According to TradingView data, Bitcoin (BTC) moved to the downside with a sell-off that pushed the price to an intraday low of $43,717 after bouncing around support around $46,000 for several days. The Fed is expected to start raising the benchmark interest rate in March, which means the balance sheet cut could begin before summer. According to Rekt Capital, if the price of Bitcoin does not rise above $46,000, the market may experience a prolonged decline and in this bear market, BTC could pull back to the $30,000 low zone. The United States Securities and Exchange Commission (SEC) delayed its decision on NYDIG's spot bitcoin exchange-traded fund (ETF) for 60 days in a statement Tuesday. The rapid sell-off of several tokens after the delay was announced led to a downward movement in the crypto markets.