Negative Sentiment Still Dominates, Bitcoin is back in the red

The prices of the majority of major cryptocurrencies were observed to weaken on Monday, April 11, 2022, amid the presence of some negative sentiment in the digital asset market to this day.

Launching data from CoinMarketCap, only a digital coin (token) of the stablecoin type, namely Tether, is slightly green today.

The correction in the crypto market continues today because investors are still evaluating the plan of the United States (US) central bank to be more aggressive in determining monetary policy in the future to curb high inflation.

On Wednesday last week, the Fed released the minutes of its March meeting, declaring its plans to reduce its bond holdings by $95 billion per month.

Not only that, they also indicated the potential to increase their benchmark interest rate by 50 basis points at the next meeting.

The Fed, which has the potential to be increasingly hawkish, makes investors tend to be cautious in hunting digital assets to this day. In fact, the increasingly hawkish Fed also contributed to the performance of technology stocks again, as hopes for high profits faded somewhat.

Apart from the potential for the Fed's increasingly hawkish attitude, sentiment from the hacking case that attacked the Axie Infinity non-fungible token (NFT) last Saturday.

On the other hand, currently bitcoin is still in a bearish condition in the short term. A Crypto commentator Ed predicts Bitcoin will continue to test the support level of US $ 40 thousand, while adding that Bitcoin has the potential to fall again below that level.