Crypto values selloff continues as Ether, Bitcoin fall up to 10% today

Ether, the cryptocurrency tied to the Ethereum blockchain, has lost more than 10% of its value.

By Aryan Jakhar On Jun 17, 2022

Image Source: Twitter

A day after the Federal Reserve raised interest rates by the most in decades, the crypto selloff resumed, with losses in US markets also increasing. Bitcoin’s price has dropped almost 8% today, trading at $20,567. The world’s largest cryptocurrency is down more than 54% year to date (YTD), and is trading well below its all-time high of $69,000 set in November of last year.

On the other hand, Ether, the second largest cryptocurrency and the coin linked to the Ethereum blockchain, fell over 10% to $1,085. Meanwhile, the price of dogecoin has dropped more than 7% to $0.05, while the price of Shiba Inu has dropped 5% to $0.000008. The worldwide cryptocurrency market valuation fell below $1 trillion today, to $937 billion, a drop of nearly 8% in the last 24 hours.

Tether, Terra Luna Classic, Litecoin, Polygon and more have all dropped 3-11% in past 24 hours

Stellar, Uniswap, XRP, Tether, Solana, Polkadot, Avalanche, Polygon, Chainlink, Terra Luna Classic, Cardano, Litecoin, and Tron values have all dropped by 3-11 percent in the last 24 hours.

Cryptocurrencies and other risk assets have been under pressure, with the S&P 500 closing at its lowest level since the end of 2020 on Thursday, and the tech-heavy Nasdaq 100 tumbling 4%. It’s happening while the Federal Reserve boosts interest rates in an attempt to counteract rising inflation, creating an adverse atmosphere for speculative assets. This year’s crypto market worth has dropped by more than $1 trillion due to the prolonged decline.

The collapse of the Terra blockchain last month, as well as the recent decision by crypto-lender Celsius Network Ltd. to halt withdrawals, have taken their toll, while a tweet from the co-founder of crypto hedge fund Three Arrows Capital this week fueled speculation that it had suffered significant losses.

Negative developments have afflicted a wide range of crypto pockets. Many market analysts foresee further price decreases as a result of layoffs and hiring curbs announced by a number of companies in the area.