Bitcoin remains stuck below the pivotal $30,000 level
, the put-to-call ratio on the Bitcoin options market has skyrocketed to the highest level in a year, reaching 0.72.
Bitcoin and other cryptocurrencies failed to achieve grandiose price targets in 2021 because of the U.S. Federal Reserve's hawkish turn that was meant to tame extremely high inflation. Kyle Bass of Hayman Capital Management told CNBC earlier today that the Fed would likely cut interest rates in 2023. The Fed would need to reverse course due to recession fears. Earlier this month, the central bank announced the biggest rate hike in 22 years.
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