The cryptocurrency market faced significant pressure today following the US Federal Reserve's latest interest rate hike and warnings of continued economic tightening. Bitcoin fell 3% to $18,627, nearing the $18,000 threshold, while Ether plunged 6% to $1,260. Uniswap emerged as a rare gainer in the otherwise bearish market.
Key Market Movements
- Bitcoin (BTC): Dropped below $19,000, reflecting sustained bearish dominance.
- Ethereum (ETH): Extended losses post-Merge, with miners accelerating sell-offs.
- Global Crypto Market Cap: Declined 2% to $943 billion (CoinGecko data).
- Altcoins: Dogecoin (-3%), Shiba Inu (-1%), and major tokens like XRP, Solana, and Cardano traded lower.
Fed Policy Impact
The Fed’s 75-basis-point rate hike—its third consecutive increase—triggered broad asset price declines. Analysts cite tightening monetary policy and miner sell-offs as key drivers of crypto’s downturn.
"ETH risks falling below $1,000 if miner selling persists," warned Edul Patel, CEO of Mudrex.
FAQs
Q: Why is Bitcoin struggling below $19,000?
A: Bearish sentiment dominates due to Fed rate hikes and macroeconomic uncertainty, overpowering bullish demand.
Q: What caused Ethereum’s post-Merge decline?
A: Miners dumping ETH holdings combined with broader market pressures exacerbated the drop.
Q: Which crypto gained today?
A: Uniswap (UNI) defied the trend, posting gains amid widespread losses.
👉 Explore real-time crypto market trends
Market Context
Crypto’s $2 trillion crash from 2021 highs has been marked by high-profile collapses like Three Arrows Capital and Terraform Labs. The latter’s co-founder, Do Kwon, remains at large amid investigations.
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