The the largest cryptocurrency by market cap, has been battered this yr following an enormous market sell-off and the hovering world economic system. Now buying and selling at a worth 70% decrease than its November 2021 all-time excessive of $69,044.77.
The US Fed has been elevating rates of interest a number of instances this yr so as curb inflation, which at the moment is at a four-decade excessive.
The world inventory markets reacted sharply to the announcement, however the impression was extra pronounced within the crypto market. Solana and Avalanche, different main cryptocurrencies, had been additionally down 13 and 20 per cent within the final seven days.
The market dominance of Bitcoin has nevertheless stayed relatively fixed. It continues to carry over 39 p.c share within the whole crypto market, whereas Ethereum holds almost 19 p.c of the full market share.