Top cryptocurrency news this week
With the recent announcement of a 50 basis point rate hike from the US Federal Reserve, the cryptocurrency market collapsed, eliminating all price gains before the announcement.
The Fed has stated that it is likely to raise interest rates again at the current rate.
After increasing interest rates by 75 basis points for several months due to inflation concerns, yesterday’s announcement slowed the pace of rate hikes.
Low Price of Bitcoin (BTC):
The cryptocurrency market collapsed as the stock market slumped, which also fell dramatically after the Fed’s announcement.
At the time of writing, the price of bitcoin and ethereum has fallen by more than 2.5% in the last few hours and major cryptocurrencies are currently trading at $17,700 and $1305 respectively.
In addition, bitcoin’s fear and covid index has fallen to “fear” levels and is expected to rise further to extreme fear in the coming days.
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