Bitcoin drops 6%, retreats to 47,000 issues, analysts worried about rapid cycle.

Bitcoin fell for the fifth week in a row. Bitcoin has fallen 6.3% in the past 24 hours to $ 47,056. Other cryptocurrencies also fell, with Ether down 8.2% to $ 3,808 and Solana down 8.9% to $ 158.

In the news, the AscendEX cryptocurrency exchange has reported that the company's gold wallet has been hacked, resulting in security breaches and an estimated loss of around $ 77 million. The stolen funds were split into three chains: Ether ($ 60 million), Binance Smart Chain ($ 9.2 million) and Polygon ($ 8.5 million).

The Consumer Price Index (CPI), released earlier in the United States, recorded its largest increase in 40 years. From mid-2022 to March 2022, banks plan to end their contract buying period and start raising interest rates next year.

Analysts expect cryptocurrencies to sell faster due to the Fed's tightening cycle.

Assuming Bitcoin is digital gold against inflation, the US dollar should raise interest rates and Bitcoin should fall. Edward Moya, market analyst at forex brokerage firm Oanda, said the Fed could have a tense cycle if financial markets tighten and first-time asset sales might be the best cause. In other words, a cryptocurrency that many investors invest in.

Marc Chandler, a market expert at Bannockburn Global Forex, said the idea that the exchange would be easier as Bitcoin grew was not true. Volatility is deadly. Other hypothetical devices like rising hedges seem inaccurate.