Due to the increase in US interest rates, the value of the bitcoin market has dropped to $360 billion, and its market share of alternative currency has fallen to 39.4%. The main cryptocurrency, Bitcoin, experienced extreme fluctuations.
Interest rates were raised by the Federal Reserve by 75 basis points (0.75 percentage point). Hence, the value of bitcoin has decreased as a result of rate increases.
The largest single liquidation order ever placed took place on Okex and was worth around $2 million in BTC-USD-SWAP. Among the lowest performers is Ethereum. The asset’s value decreased from $1.6K to $1.3K in a matter of days.
According to some economists, once the terminal rate is establish, it will likely stay there until inflation starts to fall dramatically. However, the Federal Reserve’s senior officials anticipate rate increases through 2023.