Risky assets extended losses yesterday as investors bet the Federal Reserve will hike rates by 75 basis points at the Federal Open Market Committee (FOMC) meeting on June 14-15 to curb soaring inflation.
Cryptocurrencies, with the exception of Bitcoin, continue to plunge as the value of the global cryptocurrency market yesterday fell below US$1 trillion for the first time since January 2021.
According to Coingecko.com, Bitcoin was highly volatile yesterday as it dropped to a seven-month low of $21,046 at 1pm, down 11% from the previous day, before recovering to $22,408.42 as of 4.52pm.
The price of Ethereum stood at $1,206, down 2% on the previous 24 hours, while it dropped as low as $1,111.21 during the day’s trading.
As of 4.52pm, the market value of cryptocurrency stood at around $989 billion, down 3.8% from the previous day. The value of the cryptocurrency…