Bitcoin, crypto return to red after rate hike rally wears off

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Thursday’s crypto market recovery was short-lived as most major tokens fell by at least 7% in the past day, with Bitcoin trading within reach of US$20,000 for the first time since December 2020.

See related article: Bitcoin, Ether recover as Fed guidance reduces policy uncertainty

Fast facts

  • The world’s largest cryptocurrency fell up to 10% to hit as low as US$20,265 on Friday morning Asia time, and was priced US$20,265 at press time, according to CoinMarketCap.
  • Ethereum fell as much as 15% to hit a low of US$1,058 on Friday morning before recovering to change hands at US$1,105 at press time.
  • The two cryptocurrencies were trading at 57% and 67% below their prices from the start of the year, respectively.
  • Solana and Polkadot saw some of the biggest losses, falling over 10% in the past 24 hours to trade at US$31.91 and US$7.35 at press time.
  • Dogecoin leapfrogged Polkadot to re-enter the crypto top 10 by market cap, despite dropping 7% to trade at US$0.5665 at press time.
  • The crypto market initially responded positively to the U.S. Federal Reserve announcing interest rates hikes by 75 basis points, but has since erased profits from the brief rally.

See related article: Crypto on a roller coaster as market braces for Fed guidance on rates

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