The world’s cryptocurrency markets saw a huge sell-off on Thursday. Major cryptocurrencies such as Bitcoin, Ethereum and Solana fell by up to 6 per cent.
The big fall in cryptocurrency happened after the Federal Reserve Bank of America raised interest rates. Yesterday the US Fed raised interest rates by 0.75 per cent to control inflation.
According to Coinmarketcap.com, today the value of the world’s total crypto market has decreased by 2.06 per cent and decreased to 907.26 billion dollars.
Bitcoin prices have been falling since the beginning of this year along with rising interest rates. It is now trading below $20,000. Today, the price of Bitcoin fell by 1.69 per cent to $18,680.
The world’s second-largest cryptocurrency fell 5.83 per cent to $1,262. Ethereum’s price was as low as Bitcoin at 1.09 pm IST, but it has fallen sharply after the Fed’s comments.
The price of Solana fell 2.75 per cent to $31.05, the price of Cardano fell 3.35 per cent to $0.44 and the price of Dojicoin fell 3.19 per cent to $0.05.
This is the fifth time in a row that the US has raised interest rates. From this year until now, the central bank of the United States, the Federal Reserve, has increased the interest rate by up to 3 per cent. Along with the rise in interest rates, the crypto market is falling.
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