As the US waits for rate increases, Bitcoin and the most cryptocurrencies open with losses

As the US waits for rate increases, Bitcoin and the most cryptocurrencies open with losses ...

On May 6, 2022, the Reds dominated the crypto price chart with minor, but significant losses. Bitcoin sank by 6.67 percent on Friday. According to CoinSwitch Kuber, the oldest cryptocurrency is currently trading at $38,630 (roughly Rs. 29 lakh) across the country. Binance and CoinMarketCap for example, showed BTC values dipped by 7.69 percent. The oldest cryptocurrency is priced $36,465 (roughly Rs. 28 lakh) on international exchanges.

As per Gadgets 360''s crypto price tracker, Ether saw losses, although ETH fell by 4.8 percent to trade at $2,916 (roughly Rs. 2.25 lakh).

Along with BTC and ETH, majority altcoins like Binance Coin, Solana, Ripple, Cardano, and Avalanche fell down the price charts.

Dogecoin and Shiba Inu, all memecoins, were kept out of danger.

As worries of a recession loom over the country, the US Federal Reserve is redesigning its economic structure.

The company increased its core interest rate by 0.5 percent earlier this week, making for its second increase in two months and the largest increase since 2000. Stock market fears in the United States have reached 40-year highs.

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While cryptocurrency is under the high-risk category of investments, investors are refraining from dumping their funds into volatile sectors such as virtual assets.

The value of the global cryptocurrency market has dropped by more than 8 percent in the past 24 hours.

The current market cap of the crypto industry is reduced to $1.66 trillion (roughly Rs. 1,28,06,601 crore) as of May 4, the figure was higher at $1.71 trillion (roughly Rs. 1,71,619 crore).

Stockcoins such as Tether, USD Coin, and Binance USD managed to yield very modest gains.

The International Monetary Fund (IMF) has advised the Central African Republic not to proceed with its plans of adopting Bitcoin as a legal tender.

While the IMF continues to remain skeptical about the crypto space, France has become the first European country to grant Binance a cryptocurrency exchange and an official license to operate in the country.

Kazakhstan and the United States'' New York state are collaborating to keep cryptocurrency miners at bay to avoid a power catastrophe in the region.

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