According to CoinMarketCap, the price of BTC has fallen 8.5% over the past day to settle at just under $36k. Ethereum (ETH) has shown similar results, dropping 7% over the past 24 hours, leaving the asset trading just above $2. 7 thousand
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This drop also heavily impacts weekly performance, with bitcoin down 7% from its price a week ago and ETH down 5% from its value last week.
Among the top 10 cryptocurrencies with the largest market capitalization other than BTC, Cardano fell the most, losing 10%; Solana – 12%, Binance Coin – 8%, Terra – 7% and Ripple – 6.7%.
This fall is attributed to the fact that the US Federal Reserve raised the base interest rate by half a percentage point. Further increases and tightening of monetary policy have raised fears that the US economy could plunge into recession.
The 50 pip rate increase at the end of April also affected the value of cryptocurrencies . The price of BTC then fell by 3.2% to $38,236, which was the lowest level since March 15. The second largest coin, Ethereum, was down 4.8% to $2,799.
