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Undoubtedly, the crypto market is witnessing a downfall over the last few months. Bitcoin, the cryptocurrency king, is dragging down to dust. Bitcoin traded at $20,000 while the price of Ether dragged down beneath $1500. The Crypto market seems to be crushed down to pieces looking at market trends.
One of our closest sources mentioned that bitcoin is trading at $19,975 approximately, down by 1.4%. Whereas, Ethereum’s native asset, Ether also dropped by approximately 2.3% reaching $1472.
The Throne is Falling
Both the leading cryptocurrencies in terms of market cap followed a similar downfall graph. American Equity markets closed in the red zone, and the S&P 500 fell approximately 3.37%. Whereas, the Dow Jones Industrial Average (DJIA) closed down by 3.03%.
Bitcoin Price is presently CMP at $21000 and has dropped 1.4% from the market cap. Still trending at first at Coinmarketcap, the coin leads the crypto market.
These declines seem to be triggered by remarks from the US Federal Reserve Chair – Jerome Powell. Powell mentioned that Friday’s Fed will lead to an increase in the interest rates in a subsequent effort to clamp down the inflation.
Restoring stability in the price trends will likely require a restrictive policy for a little while as of now.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
