The cryptocurrency market is being hammered due to macroeconomic uncertainty
, the second largest cryptocurrency, has dropped to an intraday low of $2,961 on the Bitstamp exchange, falling roughly 6% over the past 24 hours.It is performing in line with other major altcoins. Solana is the top laggard, slipping by more than 8% to hit $100.Image byThe world's biggest cryptocurrency has dropped to the psychologically important level of $40,000 since April 18.
Bitcoin is down more than 7% over the past 24 hours. After reclaiming the $42,000 level, the cryptocurrency was violently rejected at $43,000, which prompted a bigger selloff. The minor recovery that took place earlier this week now appears to be a bull trap.The recent correction has once again demonstrated Bitcoin's persistent correlation with the stock market. U.S. equities are under pressure today, with the Dow shedding 480 basis points at press time .
The markets have been spooked by the U.S. Federal Reserve's increasingly hawkish rhetoric. On Thursday, Federal Reserve Chair Jerome Powell did not rule out hiking the benchmark U.S. interest rates by 50 basis points next month in order to"restore price stability." As
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BTC Volatility Slips to 17-Month Low, Correlation With Stock Market on the RiseGlobalBlock Market Analyst Marcus Sotiriou discusses the current state of the crypto markets as investors eye bitcoin's next support and resistance levels. Plus, a conversation on consumer strength mitigating the risk of an impending recession, optimism despite a possible Fed rate hike, and altcoins like Cosmos.
Read more »
USD/JPY slips towards 128.00 as Japan’s extra budget likely underwayAccording to Kyodo News Agency, Japan's ruling parties are set to agree on an extra budget to fund more fiscal measures. These measures are aimed at h
Read more »
Streaming Hits All-Time High in TV Usage as Broadcast SlipsNielsen's platform rankings for March also show cable posting gains driven by news coverage of Ukraine.
Read more »
Ethereum Accepted in First Crypto-Car Sale by Jeff Wyler Automotive FamilyEthereum accepted in first car sale using crypto by Jeff Wyler Automotive Family
Read more »
Crypto Markets Lost $100B in a Day as Bitcoin Plunged to $40K (Market Watch)The cumulative market cap of all crypto assets lost $100 billion in a day as BTC and most altcoins are deep in the red.
Read more »
Someone Just Bet 17,350 ETH Contracts on Ethereum Reaching $7,000 by End of 2022Derivatives $ETH traders are betting on Ethereum reaching $7,000 by the end of the year
Read more »