Bitcoin, most cryptocurrencies open at losses as US mulls more rate hikes

On May 6, 2022, the reds dominated the crypto price chart as the majority of cryptocurrencies opened with minor but notable losses. Bitcoin entered Friday with a sizeable 6.67 percent plunge. According to Indian exchange CoinSwitch Kuber, BTC is currently trading at $38,630 (about 29 lakh). The oldest cryptocurrency saw even bigger losses on international exchanges. Binance and CoinMarketCap, for example, showed BTC values ​​falling by as much as 7.69 percent. The oldest cryptocurrency is priced at $36,465 (roughly Rs. 28 lakh) on international exchanges.

Ether recorded losses, slightly smaller than Bitcoin. ETH fell 4.88 percent to trade at $2,916 (about 2.25 lakh), according to crypto price tracker Gadgets 360.

Most altcoins like Binance Coin, Solana, Ripple, Cardano and Avalanche tumbled down the price charts along with BTC and ETH.

Memecoins Dogecoin and Shiba Inu also suffered losses.

The US Federal Reserve has revised its economic structure as recession fears sweep the nation.

The organization earlier this week raised its core interest rate by 0.5 percent — the second hike in two months and the biggest rise since 2000. Inflation rates in the US have hit a 40-year high, prompting investors troubled by stocks and cryptocurrencies.

Since cryptocurrencies fall into the high-risk investment category, investors refrain from pouring their money into volatile sectors like virtual assets.

The value of the global crypto market slipped over 8 percent in the last 24 hours.

According to CoinMarketCap, the current market cap of the crypto industry has dropped to US$1.66 trillion (approximately Rs. billion). On May 4, the number was higher at US$1.71 trillion (about Rs.1.71.61 billion).

Meanwhile, stablecoins like Tether, USD Coin, and Binance USD managed to post very small gains.

In other developments, the International Monetary Fund (IMF) has advised the Central African Republic not to go ahead with its plans to introduce Bitcoin as legal tender.

While the IMF remains skeptical about the crypto space, France has become the first European nation to officially license crypto exchange Binance to operate in the country.

Kazakhstan and New York State, on the other hand, are working to keep crypto miners in check to avoid power crises in the regions.

Cryptocurrency is an unregulated digital currency, not legal tender and is subject to market risks. The information provided in this article is not intended to and does not constitute financial advice, trading advice, or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any loss arising from any investment made based on an accepted recommendation, forecast or other information contained in this article.

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Ryan Sederquist

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