According to CoinDesk, the oldest and largest cryptocurrency was trading at $21,079, an increase of 5.8 percent from the previous day. Ethereum ETHUSD +2.74% was up 7%, while Solana SOLUSD +7.28% had gained 15% and Avalanche AVAXUSD +4.23% 12%.
Since the price of bitcoin fell below $20,000 over the weekend, it is currently around 6% lower than a week ago. As the stock and bond markets, cryptocurrencies have taken a battering from central banks’ efforts to hike interest rates. On Thursday, the Federal Reserve raised interest rates for the first time in almost 30 years.
Investors are attempting to figure out whether the recent losses for cryptocurrencies are transitory or the beginning of an industry collapse. Investors in bitcoin have suffered losses of a record-breaking $7.3 billion. As of Monday, according to Glass node, Volatility in T3 Bitcoin is approaching May’s peak when TerraUSD USTUSD +1.46 percent ran into difficulties.
Following the losses in virtual assets, the institutions surrounding them were also affected. After temporarily halting all withdrawals and transactions earlier this month, cryptocurrency lender Celsius Network announced on Monday that it would require additional time to restore normal operations and liquidity levels.
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