Throughout this year, the cryptocurrency market has been going through a difficult time. Not only did cryptos lose their value, but they also failed to recover. The FED continuously pumping up interest rates can be defined as the main reason for the continuous decline in the value of a cryptocurrency. It is worth mentioning that interest rates were jacked up 7 times this year, with the latest increase being made a few days ago.
However, this was the last increase of this year. FED officials are expected to meet in January 2023 to decide the next increase. As a result of the latest increase in interest rates, many cryptos ended up being directly affected. However, Bitcoin managed to stay stable initially, but things have changed drastically.
The Cryptocurrency Market Take Another Dip!
As a result of the increase in interest rates, a great number of coins have been affected in the cryptocurrency market. Some of the most renowned ones have been mentioned as follows.
- BTC: The first cryptocurrency on the list is BTC. Previously, the coin crossed the $18,000 mark but did not last long. However, Bitcoin dropped to approximately $17,700 just a few minutes later. Currently, cryptocurrency is trading for $16,993 and is down by 2.33% over the previous 24 hours.
- ETH: Next on the list is ETH. At the time of writing, ETH is down by a whopping 4.78% over the course of the previous 24 hours. Similarly, the cryptocurrency is trading for $1212.
- Sol: Another cryptocurrency that faced a great impact is SOL. At the time of writing, the coin is trading for approximately $13.45. Keeping that in mind, SOL is down by nearly 4.34% in the last 24 hours.
- ADA: ADA is another cryptocurrency that has been affected greatly by the increase in interest rates. Over the previous 24 hours, the crypto has declined by almost 4.41% and is trading at the $0.2864 mark.
- DOGE: The popular meme coin is another victim of the shocks caused by the increase in interest rates. Dogecoin is down by nearly 3.43% and is trading for $0.08284.
- XRP: Another cryptocurrency on the list to be greatly affected by the increase in interest rates is XRP. The crypto is down by almost 3.14% since the previous 24 hours and is trading for $0.3641.
