Bitcoin, Ether Lead Cryptocurrency Market Collapse As U.S. Federal Reserve Validates Interest Rate Hike

Stable coins like Tether and USDC were the only gainers on the day.

Meanwhile, Kazakhstan, the country that accounts for 18% of the Bitcoin network’s hash activity, experienced a nationwide internet shutdown, dropping BTC’s hash rate by 13.4%, reflecting a sharp drop in value. Ether, the second largest cryptocurrency by market, has also seen a substantial drop in capitalization. The Ethereum-based cryptocurrency has seen an 8.3% drop in the past 24 hours after a good start to the year.

At the time of publication, Ether is valued at $3,759 (around Rs. 79 lakh) on CoinS witch Huber, while values ​​on global exchanges see the cryptocurrency still pegged at $3,446 (around Rs. 56 lakh), where the coin has seen a steeper drop of 9.73% in the past 24 hours. The drop sees Ether’s performance improving slightly, but still down from 6.8 percent value last week.

Cryptocurrency price tracker reveals a bad day for the entire market as the stable coin appears to be the only cryptocurrency to have gained in value. Ripple, Cardano, Polygon, Litecoin, Chainlink and Polkadot all saw declines in value, while Tether and USDC rose in value. The parts themselves were also not spared by the crash. down 7.

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