Along with the traditional market, the crypto market is witnessing losses. Ether, the world’s second most popular cryptocurrency, has also seen a decline. Ether is valued at $1,216 (approximately Rs 95,500) on Coinswitch Kuber as of writing this report, while it is valued at $1,154 (approximately Rs 90,600) on global exchanges. Ether has lost 2.85 percent in the last 24 hours.
Gadgets 360’s cryptocurrency price tracker shows that most major altcoins have suffered significant losses over the past day. Global crypto market capitalization has also gone down by 2.65 per cent in the last 24 hours. Major currencies such as BNB, Polkadot, Avalanche, Solana and Chainlink were among the losers, while Polygon was the only altcoin that did not allow the price to go down.
Popular Shiba Inu and Dodgecoin have also seen major declines in the form of Mime Coins. Dodgecoin is currently valued at $0.07 (approximately Rs.5.5), after a loss of over 6.39 per cent in the last 24 hours, while the Shiba Inu is valued at $0.00001 (approximately Rs.0.00082). This is 7.45 percent less than the previous day.
The CoinDCX research team told Gadgets 360 that the US Federal Reserve has hiked rates further to counter fears of a recession. The re-emergence of uncertainties has affected all cryptocurrencies. However, bitcoin has recently been recognized as a commodity in the US and could potentially be a safe haven for investors to avoid uncertainties. However, as of now, this seems unlikely and most cryptocurrencies are struggling to maintain their prices in every chart.