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The massive fall in the price of bitcoin came after the US Federal Reserve indicated that it may postpone its decision to hike interest rates until mid-March. The US Federal Reserve is going to stop printing notes and make it more expensive to borrow to stabilize the economy and keep inflation under control. Meanwhile, an internet shutdown occurred in Kazakhstan, the country that accounts for 18 percent of the bitcoin network’s hash activity, causing BTC’s hash rate to drop by 13.4%.
Bitcoin Just like that, Ether, the second largest cryptocurrency by market cap, also saw a significant drop. After a good start to the year, the price of the Ethereum-based cryptocurrency in the last 24 hours (Ether price today) registered a decline of 8.3%. At the time of writing the news, Ether was priced at $3,759 (approximately Rs 2.79 lakh) on CoinSwitch Kuber, while the value on global exchanges was at $3,446 (approximately Rs 2.56 lakh).
Gadgets 360 เคเคพ cryptocurrency price tracker Shows that the last 24 hours have turned out to be bad for all the major coins in the market. Ripple, Cardano, Polygon, Litecoin, Chainlink, And Polkadot all saw a drop in prices, while Tether And USDC There has been a slight increase in prices.
Even meme coins didn’t survive this fall. Dodgecoin price (Dogecoin price in India today) fell 6.86 percent to $ 0.17 (about Rs 12.67) in the last 24 hours. Meanwhile, the price of the Shiba Inu (Shiba Inu price in India today) also registered a drop of 7.61% and till the writing of the news, this coin was trading at $0.000032 (approximately Rs.0.002417). SHIB has lost 10.2% in value over the past week, while DOGE has lost 6.9%.
According to CoinGecko, the value of Bitcoin has also fallen by more than 7% in the past week. However, this cryptocurrency has seen an increase of over 26% year-on-year.
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