Bitcoin and various altcoins have taken a sharp dive following the US Federal Reserve’s decision to halt interest rate hikes. Ether, ADA, SOL, and Matic were hit particularly hard, with declines ranging from 3% to over 5%. Bitcoin itself dropped to about $24,990, signalling potential turbulence ahead for cryptocurrency markets.
Bitcoin, the world’s largest cryptocurrency by market capitalization, experienced a 3.2% drop within 24 hours, hitting its lowest point since mid-March. Despite hovering around $26,000 for the past five days, investors remain cautious amidst Securities and U.S. Exchange Commission (SEC) lawsuits against crypto exchange giants Binance and Coinbase, as well as signals from the Federal Reserve regarding monetary policies in the face of macroeconomic uncertainties.
Although the market anticipated the Fed’s decision to maintain interest rates given the current economic landscape, Bitcoin’s future remains unpredictable.
Ether’s value has taken yet another dip, currently trading at $1,650 – a drop of 5.1% from Tuesday alone. Along with Ether, the SEC’s recent actions have also caused other major cryptocurrencies to plummet. Cardano’s token, ADA, has fallen more than 5%, while the native cryptos of the Solana and Polygon networks – SOL and MATIC respectively – have both taken a hit of over 3%.
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- Lucy Walker covers finance, health and beauty since 2014. She has been writing for various online publications.
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