Over the past 24 hours, the top cryptocurrencies have experienced a downward trend. Bitcoin (BTC), the largest cryptocurrency by market cap, fell 3.8%.
The world's second-largest cryptocurrency, Ethereum (ETH), saw an even larger decrease, dropping by 6.1%.
Other notable cryptocurrencies also registered losses. Ripple-affiliated XRP lost 6.4% of its value despite the hype surrounding the Hinman Documents.
Cardano (ADA) fell by 5.8%, and meme coin Dogecoin (DOGE) dropped by 2.7%.
As reported by U.Today, the crypto market plunge comes after the latest Federal Reserve rate hike decision. The Fed has maintained steady rates for the first time in over a year, but inflation persists above the central bank's 2% target.
Alex DovbnyaMarket technician Ryan Detrick pointed out in a recent tweet that 12 out of 18 Fed members anticipate at least two more rate hikes this year. He suggested that the median terminal rate, raised to 5.6%, came in as "more hawkish" than expected. This stance appears to have had a reverberating impact on the cryptocurrency market as investors respond to the prospect of higher interest rates.
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Godfrey Benjamin
Vladislav Sopov
Dan Burgin