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XRP, Cardano (ADA) and Shiba Inu (SHIB) in Red as Bitcoin Dips to $20,000

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According to the data provided CoinMarketCap.

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Ethereum, the second largest cryptocurrency, has fallen over 6%. In general, the top 50 does not contain any currency marked in green.

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Meanwhile, Bitcoin, the largest cryptocurrency, has crossed the $20,000 level again. After rising above $24,000, Bitcoin is once again at a critical support level, struggling to regain momentum. Therefore, those who called the bottom of the ongoing correction may find themselves in a quandary if the sell-off intensifies.

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Cryptocurrency traders and investors are nervous about the upcoming decision of the US Federal Reserve to raise interest rates.

The central bank would do much more damage to risky assets if it announced a 100 basis point rate hike after this week’s meeting.

It should be noted that St. Louis Fed President James Bullard recently expressed the opinion that there is no need for a super-scale increase in rates. However, there are those who believe that a 100 basis point rate hike is just the cure needed to stop runaway inflation. There are fears that very high interest rates could trigger a recession.

Bitcoin and other cryptocurrencies have suffered from the Fed’s militancy.

In the meantime, many cryptocurrency companies have had to reduce recruitment due to deteriorating economic conditions. Some well-known industry players such as Celsius and Three Arrows Capital went bankrupt as a result of the cryptocurrency crash.



Credit : u.today

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