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Market Signals a Gloomy Outlook, BTC and ETH Sharply Decline

  • Bitcoin and Ethereum witnessing a sudden plunge in the cryptocurrency market. 
  • BTC is 1.84% down and ETH is 4.86% down in the last 24 hours.

The global crypto market has started showing a bearish signal once again. After witnessing a significant price surge in the past few weeks, the major cryptocurrencies are now going through a massive crash in the market. The dominating cryptos in the market, Bitcoin and Ethereum have again plunged below, experiencing an unstable price momentum. 

Price Chart of BTC and ETH (Source: CMC)

Dominator’s Struggles in Market

The market dominator, Bitcoin (BTC) is currently going through a tremendous fall. A few days ago, BTC registered a price increase above $22,000. The coin suddenly dropped from $22k and is now struggling in the market with a price of around $18,000. Currently, Bitcoin is trading at around $18,675.95, with a one-day trading volume of $49,682,034,854. BTC has decreased nearly 1.84% in the last 24 hours, as per CMC

Like Bitcoin, the second leading coin in the crypto market, Ethereum (ETH) is also going through a struggling condition. For the past few days, ETH is continuously experiencing a massive collapse, even after the Ethereum blockchain’s recent merge. At the time of writing, ETH is trading around $1,265.80 with a one-day trading volume of $21,792,840,453. According to CMC, the coin is 4.86% down in the last 24 hours. 

The US Federal Reserve raised interest rates significantly again and issued a warning about the potential economic damage from future aggressive policy tightening, which put pressure on cryptocurrency prices. Top coin witnesses a sudden fall amid the Fed’s recent decision regarding interest rate hikes. 

Moreover, along with Bitcoin and Ethereum, leading coins such as Binance Coin (BNB), Cardano (ADA), Solana (SOL), Dogecoin (DOGE), Polkadot (DOT), Polygon (MATIC), and Shiba Inu (SHIB) also registered a massive price drop in the past seven days. 

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