Crypto investors are grappling with aggressive interest rate hikes from the U.S. Federal Reserve and a worsening liquidity crunch.
Bloomberg | Bloomberg | Getty Images
Bitcoin dropped below the $20,000 mark on Saturday, extending a brutal slide in cryptocurrencies.
The price of bitcoin fell 9% in 24 hours to $19,217.81, according to Coin Metrics data. The last time bitcoin fell below that level was December 2020.
Ether, the second-largest token, plunged 10% to $997.75, its lowest level since January 2021.
Crypto investors are grappling with aggressive interest rate hikes from the U.S. Federal Reserve and a worsening liquidity crunch that has pushed major players into financial difficulty.
The Fed on Wednesday hiked rates by 75 basis points, its biggest increase since 1994. That has led to a retreat from risky assets of all stripes, including stocks and crypto.
Elsewhere, the crypto space is still reeling from the fallout of the $60 billion collapses of two major tokens last month.
...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...