Concerns about aggressive Federal Reserve monetary tightening saw U.S. dollars climb overnight, with some analysts warning of further crypto market volatility in coming weeks. shauryamalwa reports.
Cryptocurrencies snapped an almost weeklong run above resistance levels as a strengthening dollar sent global equity and currency markets into declines.
Bitcoin fell 5.5%, trading under $18,900 in early European hours. BNB and Solana’s SOL fell 5%; XRP dropped 4%; and Polkadot’s DOT lost 7%. Futures tracking major tokens racked up $327 million in liquidations, while the total cryptocurrency market capitalization slid below $1 trillion for the first time since July.
Concerns about aggressive U.S. Federal Reserve monetary tightening saw the dollar climb overnight, hitting a 24-year high against the Japanese yen and setting a lifetime peak against the Indian rupee. The S&P 500 lost 0.4% and the Nasdaq 100 0.7% on Tuesday as tech stocks slid. “These macro events, combined with the Merge, might be catalysts for going forward,” the analysts said, adding traders remained bullish on etherAs for bitcoin, the Fed’s impending tightening presented a “bad outlook,” according to Chris Esparza, founder of decentralized finance protocol Vault Finance.
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