On Wednesday, the US Federal Reserve increased benchmark interest rates by another 75 basis points. The US stock market crashed after the announcement, which is exactly what the market anticipated would happen as a result of the rate rise. However, the cryptocurrency market did not respond as badly. Given the circumstances, Bitcoin’s value has decreased by 0.73 percent in the previous day and is currently valued at $18,700 (about Rs. 15.06 lakh) on all exchanges, while it is valued at $20,213 (roughly Rs. 16.28 lakh) on Indian platforms like CoinDCX, down 1.57 percent from Wednesday morning.
On international exchanges including CoinMarketCap, Coinbase, and Binance, Bitcoin is valued at $18,693 (approximately Rs. 15,05). According to CoinGecko statistics, the value of BTC is now down 8% from last Thursday.
Ether has also dropped significantly after making a little increase on Monday and Tuesday. Ether is presently selling in the $1,260 (about Rs. 1.02 lakh) level on exchanges all across the world, down more than 4 percent in the previous 24 hours. In the meantime, the value of ETH on Indian platforms is $1,376 (approximately Rs. 1.1 lakh), down 4.78 percent from the day before.
The cryptocurrency price tracker from Gadgets 360 showed that the majority of the top cryptocurrencies had a similar decline the day before. The value of the global cryptocurrency market decreased 2.01% between late Wednesday and early Thursday.
Significant losses were experienced in Cosmos, Solana, Polygon, TRON, Monero, Chainlink, and BNB within the past 24 hours. On the other side, despite the pessimistic atmosphere, Cardano, Avalanche, and Uniswap all saw little increases.
Minor mistakes were also made with Memecoins Dogecoin and Shiba Inu. Shiba Inu is down 1.03 percent from the previous day to $0.0000010, while Dogecoin is down 2.73 percent from the previous day to $0.05 (approximately Rs. 4.653). (roughly Rs. 0.000846).
The research team at CoinDCX reported in Gazettes 360 that “the Federal Reserve continued its rapid quantitative tightening on September 21, raising interest rates by another 75 bps for the third consecutive time, strengthening its stance on reining in inflation and pushing its final 2 percent CPI target higher than the current 8 percent.” I tell
“As the FED aims the funds rate over 4% by the end of the year, pressure is still mounting for another sizable rise in the coming months, especially in light of the strong payroll statistics and services inflation in a strong labour market. It’s probable that another 75bps or 100bps will be added in the upcoming month. With today’s 75bps increase, US interest rates reached 3.25 percent, which is the highest level since 2008 and a reflection of the market’s current irrationality.”
