The value of BITCOIN has dropped by almost 9% today and other cryptocurrencies have crashed.
The crypto market was supposed to have a sea of red this morning.
The crash occurred after the Federal Reserve issued a “hawkish” minutes.
Bankers are sometimes seen as “hawks” if they announce tight monetary policy.
The minutes said the Fed would cut support for the US economy, which is bad news for riskier assets like cryptocurrencies.
The crash has also been linked to a decline in the US stock market, which has been linked to fears that interest rates are about to rise.
Bitcoin, the world’s largest cryptocurrency, was down 8.6% in the 24 hours to 4:50 a.m. ET.
That was a huge drop for the popular currency.
Ethereum is the second largest cryptocurrency and is down 12%.
The Solana coin has dropped 13%.
Bitcoin is currently at its lowest level since the flash crash in December.
Bitcoin was trading at $69,000 in November but today it hit as low as $42,579.93.
After the December crash, Bitcoin was trading around $50,000.
The value of Bitcoin has fluctuated wildly since its launch in 2009.
In other news, Mercedes-Benz has finally revealed its Vision EQXX electric car.
It’s time to say Bye bye BlackBerry phone as the company pulled the plug on its once wildly popular handsets.
And a Android Urgent Alert reached millions of users after malicious apps were discovered in the Samsung app store.
https://www.thesun.co.uk/tech/17240066/bitcoin-crash-wipes-billions-off-crypto-market/ Bitcoin CRASH wipes out billions of dollars in crypto markets after Federal Reserve news