Bitcoin and cryptocurrencies are prepared to face the price shock from the Federal Reserve

PANews reported on January 29, according to Forbes, despite BlackRock CEO Larry Fink previously revealing discussions with sovereign wealth funds about purchasing Bitcoin, the price of Bitcoin fell again yesterday. However, analysts believe that Bitcoin and cryptocurrencies are prepared for a huge price shock from the Federal Reserve.

FxPro Chief Market Analyst Alex Kuptsikevich stated in an email: "The current slump in Bitcoin prices can be attributed to risk aversion ahead of the Fed meeting." After US President Donald Trump called for significant rate cuts, traders of Bitcoin and other cryptocurrencies have already prepared for the latest interest rate decision by the Federal Reserve.