The crypto crash is back again this week as the largest currency, Bitcoin falls below $20K and Ethereum drops 7.81% after Jerome Powell announced that the interest rates might go higher.
Since the beginning of September, the crypto prices haven’t been doing quite well. Bitcoin lost its position from $22k to $20k and it is now trading at $18K, which was its previous low.
Bitcoin (BTC) had picked up the pace from its $18K prices back in April and May in June but now it fell again drastically to $18K again.
According to the data on CoinMarketCap, Bitcoin lost its $1T mark in the last 24 hours due to the price drop, causing a loss to traders and investors.
Reuters claims that Bitcoin is no longer the “King” of crypto because it has lost the hype since the market crashed. Although its value hasn’t dropped, the traders aren’t interested compared to 2021.
Just last month, Biden’s administration had claimed 0% inflation but now the government seems to be struggling with the economic breakdown. The Fed is forced to raise the interest rates.
Other than Bitcoin, Ethereum also saw a 7.81% drop and trades at $1500, which, like BTC, was its previous low. Many believe the Bellatrix upgrade might push its prices up today, so there’s still hope.
The rest of the crypto market isn’t doing quite well too. Cardano (ADA) dropped 9.09%, Solana (SOL) fell 5.59%, Polygon suffered 9.68%, and Ethereum Classic (ETC) declined 16.75%.