$200 Billion Wiped Out From Crypto Market

09 May 2022 Crypto

As per a Forbes report, the US Federal Reserve's rate hike has caused nearly $200 billion in crypto losses in just a matter of days.

Bitcoin on Sunday slipped below $35,000 per coin, as the global crypto market went through a massive slump of over 4.5% in the past 24 hours to $1.66 trillion. Bitcoin has been down more than 20% since the beginning of this year, as per IANS.

Yesterday, Bitcoin was hovering around $34,400 and Ethereum, which is the second-largest cryptocurrency, plunged 4.8% to $2,545.

Dogecoin prices were trading about 1.2% lower at $0.12 whereas Shiba Inu was down by over 4.9% to $0.00001887, as per IANS.

All this comes after the US Federal Open Market Committee (FOMC) last week voted to raise interest rates by 0.5%, marking its biggest upward adjustment in over two decades.

Reuters report today, Bitcoin dropped to as low as $33,266 in morning trade.

This week's bitcoin and crypto crash has triggered a sharp fall in market sentiment, as measured by the Bitcoin Fear and Green Index which collects data from social media posts, surveys, volatility and trading volume, as per Forbes.

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