BTC and ETH’s Sudden Decline: The Market Bearish Again?
The cryptocurrency market is signaling a gloomy forecast after a massive surge in the past couple of weeks. The largest cryptocurrencies by market cap are going through an enormous crash in the market. BTC and ETH have shot down and are going through an unstable price momentum.
Bitcoin (BTC) is experiencing a tremendous fall. Only a few days ago, BTC witnessed a price increase above $22,000, but it dropped and is struggling in the market with a price of around$18,000.
Bitcoin is now trading at around $18,675.95, with a 24-hour trading volume of $49,682,034,854. BTC dropped 1.84% in the last 24 hours. Next followed Ethereum with a 4.86% decline in the last 24 hours. ETH is going through a massive collapse, even after the recent merge of the Ethereum blockchain. Currently, ETH is trading at around $1,265.80 with a trading volume of $21,792,840,453 in one day.
The US Federal Reserve significantly raised interest rates again and warned of potential economic damage from aggressive policy tightening in the future, which pressurized cryptocurrency prices.
Coins plummet suddenly amid Fed’s recent interest rate hike move. It did not only impact Bitcoin and Ethereum, but other leading coins like Binance Coin (BNB), Cardano (ADA), Solana (SOL), Dogecoin (DOGE), Polkadot (DOT), Polygon (MATIC), and Shiba Inu (SHIB) also dropped massively in the past seven days.