The recent US central bank's decision to end the bond buying program as early as March 2022 and potentially advance rate hikes weighed not just on the equities market but also weighed on the digital asset class. Bitcoin, the largest crypto by m-cap is seen moving in a range after hitting its all time high of $68,991. In today's trade as of writing this copy, the asset traded with a cut of around 3 percent at $46,124, signifying a substantial decline of 33 percent from its ATH price.
Amid such a range bound movement and sharp sell-off, experts in the field suggest to 'Buy' and in the other case 'Hold' the currency as going ahead its demand shall skyrocket given the fact that only 10 percent of the total supply is left to be mined.
Market experts interpret the current move as the bitcoin's consolidation phase wherein it is struggling to reclaim $52K levels and any breakout above it shall reconfirm its upward trajectory toward previous highs.
Meanwhile, other top cryptos barring Ripple, Tethe, USD Coin traded in the red, with the most cut on Internet Computer, Algorand, Cosmos and Solana of up to 8 percent.
While the FM earlier said a new modified crypto bill will be tabled soon, sources suggest that the cryptocurrency bill is unlikely to be taken up in the ongoing winter session of the Parliament. People privy to the development said that the centre is collecting feedback on global regulations for the sector.