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Bitcoin, Ethereum Crash: $100 Billion Wiped in Mere Minutes

Bitcoin, Ethereum Crash: $100 Billion Wiped in Mere Minutes


NewsBTC
2022-05-06 19:22:35
Bitcoin, Ethereum Crash: $100 Billion Wiped in Mere Minutes

Today the cryptocurrency market experienced a sudden crash, with Bitcoin and Ethereum prices falling. Other major coins also saw a significant fall. Around $100 billion was wiped from the combined value of all cryptocurrencies in just minutes. In the last 24 hours, Bitcoin experienced a 5% decrease. At the same time, the price of the second-largest cryptocurrency Ethereum has decreased by a similar amount. In addition, Ethereum’s rivals Solana, Cardano, and Avalanche, have reduced by around 3%, while Ripple’s XRP and Terra’s luna lead the significant crypto markets lower. Related Reading | Bitcoin Collapses By Most In Nearly A Month – Its Golden Days Are Over? The markets were thrown into chaos on Wednesday after the Federal Reserve announced that they would be hiking their interest rates. The sudden crash came amidst a tech company-led sell-off of stocks in response to this news, which has since spilled over onto other sectors as investors escape towards safer assets. The U.S. economy could go into recession because of the interest rate hikes and the tightening of monetary policy. Yesterday, Wall Street had a bad day. The Dow Jones Industrial Average lost over 1,000 points, and the tech-heavy Nasdaq fell 5%. Yesterday’s losses preceded big rallies in the previous session. Bitcoin, which usually moves along with the stock market, has been stuck in a narrow range all year. It has struggled to get ba...

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