The price of bitcoin It briefly fell below $ 40,000 on Monday, the lowest level since late September, as investors’ risk appetite suffered on the prospect of a tightening of Fed policy.
Shortly after hitting a low of $ 39,663.18, the cryptocurrency rallied around 2:45 p.m. GMT to $ 41,198, representing a 2.6% drop.
In October it reached an all-time high of more than $ 66,000.
But nevertheless, so far this year it has lost 12% of its value.
The first cryptocurrency had taken advantage of an increase in liquidity in the markets at the end of 2020 and in 2021, due to the ultra-flexible monetary policy of the United States Federal Reserve (Fed).
But now, the prospect of a tightening of that policy to counteract inflation is affecting bitcoin, as it also affects world stock markets.
"Shares of tech groups, which are especially sensitive to rising rates, are under pressure"said Fiona Cincotta, analyst at City Index.
Some investors also consider that one of the qualities of bitcoin, its limited supply by the algorithm that regulates its issuance, makes it a safe haven against inflation, a kind of digital gold, which would be less attractive if the Fed takes action.
This Friday, the United States will publish data on its inflation.
"If the published data beats market expectations, we can expect even more bitcoin sales, as investors calculate that the stronger inflation, the faster the Fed will have to act."explained Marcos Sotiriou, an analyst at cryptocurrency brokerage GlobalBlock.
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