BTC Pullback May Be Triggered By Hawkish Fed – January 31

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$23,159

Bitcoin price continues to hang around the $23,000 level, as market sentiment becomes mixed before the next Federal Reserve Meeting.

Top-20 altcoins have mostly seen small rises over the last day of trading, as Ether and BNB advance 2%, Dogecoin rallies 8% and Avalanche goes the other way with a 3% drop.

Top Stories for January 31, 2022 🔥

👉 BTC Pullback May Be Triggered By Hawkish Fed, Analysts Say

Analysts say the Federal Reserve meeting tomorrow may cause a temporary price pullback in Bitcoin, as Fed President Jerome Powell is expected to be hawkish in his post-meeting press conference.

Powell may tighten financial conditions again, leading to a short-term correction in crypto and all risk assets. Despite the recent softening in inflation and economic activity, it is believed Powell is unlikely to pivot towards easing, as the recent financial conditions improvement has diminished the Fed’s efforts to counter price pressures.

👉 ADA-Backed Algo Stablecoin Goes Live On Cardano

Cardano network developers have launched an over-collateralized, algorithmic stablecoin on the network backed by its native ADA cryptocurrency.

The stablecoin, Djed (DJED) is a product of decentralized finance developer Coti. It is pegged to the US dollar and uses the Shen (SHEN) token as its reserve coin. Investors have become more cautious with algorithmic stablecoins following the implosion of TerraUSD in May 2022.

👉 Celsius Failed To Report $800M In Losses, As CEO Cashed Out $68M

A report into the bankruptcy of failed crypto lending company Celsius has revealed that the firm failed to report hundreds of millions in losses, while its CEO Alex Mashinsky cashed out over $68 million.

Celsius was shown to have been operating a riskier business than advertised, including making investment bets with customer funds and concealing market-making practices for its native token, CEL.