The cryptocurrency market faced further losses on Monday (19th) as the market worried that the Federal Reserve (Fed) aggressively raising interest rates may cause an economic recession, coupled with the continuous decline of Ether, Bitcoin once again fell below the $19,000 mark.
As of 12:20 p.m. Taipei time, ether was down 10.4% to a roughly two-month low, trading at $1,303.75, while bitcoin was down 6% at $18,789.89. Binance Coin (BNB) fell more than 5%, while Ripple (XRP), Cardano (ADA), Solana (SOL) and Dogecoin (DOGE) all fell more than 6%.
Since mid-June, the story of a merger and upgrade has fueled ether’s rally, which is now quickly paring gains after the upgrade is complete.
At the same time, the Federal Reserve will hold a monetary policy meeting this week. The market generally expects that the Federal Reserve will raise interest rates by another 75 basis points, and may even raise interest rates by 100 basis points, which is expected to bring about high-risk assets such as cryptocurrencies. greater pressure.
Extended reading 👉👉👉[MICA RESEARCH]Under the doubts of aggressive interest rate hikes in the United States, the Ethereum PoS upgrade and the rising market were in vain
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