Is Melania Trump’s NFT a Sell Signal for Crypto?
Lower trading volumes and measures to control inflation add to signs that Bitcoin and other digital assets could be headed for a reckoning.
Beyond frothy.
Photographer: Tasos Katopodis/Getty Images; Illustration: Jessica Karl
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Lofty prices for parody coins. Celebrity-driven commercials for trading platforms. A frenzy over non-fungible tokens that has enticed famous names including former first lady Melania Trump. Even after a pullback in the past month, the cryptocurrency market remains full of frothy behavior.
Yet lately, signs are mounting that crypto could be headed for a pronounced selloff. And the Federal Reserve’s hawkish pivot on Wednesday may just accelerate the process.