Bitcoin OGs dump over $100 million in BTC
The latest meeting of the US Federal Reserve (Fed) has put serious pressure on the cryptocurrency market. Veteran crypto investors, the so-called OGs (original gangsters), have gotten rid of bitcoins worth more than $100 million against the backdrop of the regulator's tightening monetary policy and the fading hopes for an imminent rate cut.
Fed officials stated that they will continue to raise the key rate in order to cope with high inflation in the United States. This hawkish stance has cooled investors' appetite for risky assets, including cryptocurrencies. As a result, large BTC holders have started actively selling their coins, which has provoked a large-scale correction in the market.
Such a reaction is not surprising, as Bitcoin and other crypto assets traditionally demonstrate high volatility against the backdrop of actions by global regulators. Investors, especially institutional ones, prefer to lock in profits during periods of market uncertainty in order to minimize risks.
At the same time, long-term crypto bulls are confident that after the correction, Bitcoin will return to growth. In their opinion, the current situation is just a temporary glitch on the way to new historic highs for the first cryptocurrency.