Bitcoin Sees Panic Selling, Wall Street Ends Worst Week In 2 Years

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Poor Joe Biden. Not only did he, in a clear moment of weakness, admit this week that a limited invasion of Ukraine by Russia would not necessarily get a reaction from the US, he’s also overseeing falling stock markets.

In conjunction with the Nasdaq and tech stocks seeing a sea of red, the outlook for the CoinMarketCap top 100 was even worse. As cryptocurrencies have no built-in trading stops which halt the exchange of coins after a 10% fall, some of them saw sheer panic selling.

Who all are buying the dip today? 🥲#cryptocrash pic.twitter.com/eDSvOVBSfG

— Rohan Sachan (@OG_rohan) January 21, 2022

The memes about Bitcoin and crypto panic selling were far and wide on Twitter and other social media platforms yesterday as Wall Street ended its worst week since the start of the pandemic deep in the red.

Biggest fear of investors is the fact that the Fed has indicated it would stop printing money and raise interest rates in 2022, all in order to fight rising inflation.

In our view, the biggest near-term risk is right in front of us: that the Fed is seriously behind the curve and has to get serious about fighting inflation,” analyst Ethan Harris of Band of America claimed. “It has been a long time since markets have had to deal with a serious inflation-fighting Fed.

Bitcoin to $35k?

Over in the cryptosphere, the projections are even worse, with no clear indication of an end in sight to the pullback at this point. Just yesterday, an UBS report claimed that crypto winter had now officially begun.

When #Bitcoin drops another 10%, Michael Saylor’s MicroStrategy will officially be at a net loss with ALL of their $BTC purchases.

This is when the real fear and desperation starts for these maxis.

— Mr. Whale (@CryptoWhale) January 21, 2022

Pankaj Balani, CEO of crypto platform Delta Exchange, foresaw a further fall in the coming days, stating:

We expect BTC to find a bid around the $35K mark, close to 50% from the top. In the short term, we can bounce to challenge the $45K-$50K zone, but the overall outlook remains bearish as liquidity remains tight.

Feel the pain 💔#BitcoinCrash #cryptocrash pic.twitter.com/bI90srHjMO

— Rohan (@rohannarcos) January 21, 2022