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Friday, March 29, 2024

Cryptocurrency slump persists

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…

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