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Crypto Prices Plummet Again; Here's Why

Thu, 06/15/2023 - 09:29
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Alex Dovbnya
Over past 24 hours, leading cryptocurrencies have faced substantial drops, with Bitcoin (BTC) and Ethereum (ETH) registering losses of 3.8% and 6.1%, respectively
Crypto Prices Plummet Again; Here's Why
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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.

Is This the End of Crypto? This U.S. Congressman Hopes So
Fed officials anticipate more rate hikes later this year, a prediction that has cast uncertainty over the crypto market. As pointed out by Jeffrey Gundlach of DoubleLine Capital, the path of rate hikes appears somewhat uncertain, despite a consensus on the need for further increases.

Market 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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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at