Bitcoin dips to five-month low on possible fourth rate hike by US Fed in 2022

Bitcoin dips to five-month low on possible fourth rate hike by US Fed in 2022
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KUALA LUMPUR (Jan 11): Bitcoin fell below US$40,000 (about RM167,780) overnight to hit its lowest level since August amid a wider sell-off of risk assets, including some of the tech sector's top names.

However, at the time of writing, the crypto had regained some lost ground and bounced to US$41,868.74.

Cryptocurrency news portal Cointelegraph said global financial markets, stocks and cryptocurrencies took a knock on Monday (Jan 10) after rumours that the US Federal Reserve (Fed) may hike interest rates four times in 2022 were circulated and sparked a sell-off.

Data from Cointelegraph Markets Pro and TradingView showed that a massive wave of selling broke Bitcoin's support near US$42,000, resulting in a plunge to US$39,660 before buyers stepped in to buy the perceived dip.