Home » Business » Signal for hike in interest rates trigger Bitcoin freefall
crypto bitcoin as legal tender luno

Signal for hike in interest rates trigger Bitcoin freefall

The US Fed’s signal for the hike in interest rates has triggered Bitcoin downward spiral even though the proposed rates could happen as later as this March.


The news, released on Wednesday, triggered immediate market turbulence, sending US equities sharply lower. The sell-off filtered through to cryptocurrencies. Bitcoin was trading at $42,739.52, down more than 7% from the 24 hours previous, according to Coin Metrics data. It fell as low as $42,503.88 in the last 24 hours, the lowest level in more than a month.

Other cryptocurrencies fell too. Ethereum dropped nearly 12% to $3,335.99 while solana sank 12% to $146.84.

oBitcoin has seen a sharp decline as protests continue in Kazakhstan, the world’s second-largest mining hub, where internet was shut down, forcing local miners to switch off their equipment.

Share This:

READ ALSO  COVID19 Pushback Till 2021: AfCFTA delay presents new opportunities for construction, manufacturing

Leave a Reply

Your email address will not be published. Required fields are marked *



Check Also


More troubles for Nigerian Fintechs as Kenya makes new revelations on Flutterwave

Central Bank of Kenya has said ...


Ericsson completes new acquisition

Ericsson says it has completed the ...


Zinox Group commences nationwide unemployed graduates recruitment

The Zinox Group announced Weekend it ...


Kohler HVO Fuel Capabilities provide customers with a pathway to zero carbon

*Hydrotreated Vegetable Oil (HVO) fuel delivers ...

Nigeria operators announce new and unprecedented flight disruptions

Nigeria carriers under the umbrella of ...

%d bloggers like this:
Skip to toolbar