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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.

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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.

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