The Global Crypto Market Valuation Drops, Bitcoin On Forth Day Fall
The Global Crypto Market Valuation Drops, Bitcoin On Forth Day Fall
As investors remained bewildered by newly revealed, frequently contradicting economic indices and business earnings data, bitcoin and several other crypto assets plummeted for a fourth straight day.
The largest cryptocurrency’s market cap is currently about $23,400, down about 3% from the previous day and far below the $25K level it reached on Sunday for the first time since late spring. After surpassing $2,000 numerous times over the previous week, the price of ETH was most recently trading at $1,850, down around 2.8% over the same time period.
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At the time of writing, the value of the global cryptocurrency market was $1.12 trillion, down 3.11% from the previous day.
With central bankers’ customarily cryptic language, the U.S. Federal Reserve’s minutes from the Federal Open Market Committee (FOMC) meeting last month, suggested that the Fed would keep raising interest rates but appeared open to doing so in the near future, caused market turbulence on Wednesday.
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According to the minutes of the US central banking authority’s meeting on July 26-27, despite a strong job market and extremely low unemployment, the inflation rate was still too high and there was no indication that it would soon decrease.
According to the minutes, participants highlighted that inflation remained much higher than the Committee’s long-term aim of 2%. It also stated that the timing of the need to “at some time” limit the rate of rate increases will depend on the results of future data.
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Crypto Overview
- The Merge, which will convert the Ethereum blockchain from proof-of-work to the quicker, more energy-efficient proof-of-stake protocol, has been the subject of intense expectation in recent weeks, sending the second-largest cryptocurrency by market capitalization skyward.
- The majority of other cryptos were in the red. The popular meme coins DOGE and SHIB, which had risen over the previous few days, were both down more than 5%, and AAVE was down more than 8% at one time.
- Information that is frequently erroneous and misleading continues to be a problem for the cryptocurrency sector. Late on Wednesday, speculations on Twitter that the multi-signature wallet of Optimism, the native token for the Ethereum layer-2 blockchain had been hacked, caused a temporary market fall.
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