Bitcoin Price Crash Fears Gather As Crypto Braces For A Fed Shock
Bitcoin—alongside other major cryptocurrencies ethereum and XRP—have fallen sharply, raising fears of a crypto market crash after it bubbled up to an all-time high of $4.2 trillion this month (just as Tesla billionaire Elon Musk breaks his silence on crypto).The bitcoin price has plunged from an all-time high of $124,000 per bitcoin just last week, dropping around 10% to $114,000, while ethereum and Ripple’s XRP have seen similar declines despite U.S. president Donald Trump dropping a surprise $12.2 trillion crypto bombshell.Bitcoin and crypto’s decline, coming just as JPMorgan makes a game-changing Federal Reserve flip, follows Wall Street giants issuing a warning that the recently passed Genius Act stablecoin bill could trigger a $6.6 trillion flood of account withdrawals.U.S. banking groups that count Wall Street giants such as JPMorgan and Bank of America as members have urged Congress to close a loophole in the recently passed Genius Act stablecoin bill that allows issuers of the dollar-pegged cryptocurrencies to offer yields via affiliates, warning it could trigger huge account deposit flight that would undermine the banking system.
