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Crypto Market Sees Huge Fall; Bitcoin Drops 5% To $18,387

The cryptocurrency market is witnessing huge downfall due to the expectation of interest rates hike by the US Fed

Photo Credit : Shutterstock


There was a big drop in cryptocurrencies on Monday. The biggest cryptocurrency, bitcoin saw a huge fall to a three-month low of USD 18,387, down 5 per cent.

As interest rates are continuing to rise all over the world, the US Federal Reserve may increase interest rates very soon. Under its influence, the central banks of other countries will also raise rates. This fear has stunned crypto investors.

Ethereum, which comes at second after bitcoin, also crashed 3 per cent on Monday. Ethereum has recorded a major decline for two months falling by 10 per cent in the last 24 hours.

US Securities and Exchange Commission Chairman, Gary Gensler has said that changes in the structure of Ethereum will increase its regulation further. Ethereum has also seen a decline in this regulation estimate.

Meanwhile, on Monday, Dogecoin price was also trading lower by almost 7 per cent at USR 0.05, while the Shiba Inu fell more than 9 per cent to USD 0.0000011. Other crypto prices also declined as XRP, Uniswap, Solana, Polygon, Avalanche, Binance USD, Polkadot, Litecoin, Apcoin, Cardano, Stellar, Chainlink, Tron, Tether prices were trading with major downsides in the last 24 hours.

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crypto market cryptocurrencies bitcoin