According to the Gadgets 360 cryptocurrency price tracker, Ether, like Bitcoin, dropped 7.40% and was trading at around $3,516 (approximately Rs 2.6 lakh) at the time of writing this news.
The trading charts of all the major cryptocurrencies like Tether, Ripple, Polkadot, Polygon, and Chainlink were showing red color.
The performance of Dogecoin and Shiba Inu in the crypto market is also not good. The price of both the coins has registered a decline. The prices of both the cryptos have not increased since last one month. However, USD Coin, Cardano and Zcash are among the gainers on the token chart.
Two major events in the cryptocurrency market have caused the price of bitcoin to drop to a three-month low. The massive fall in the price of bitcoin came after the US Federal Reserve indicated that it may postpone its decision to hike interest rates until mid-March. The US Federal Reserve is going to stop printing notes and make it more expensive to borrow to stabilize the economy and keep inflation under control.
In addition, Internet shutdowns occurred in Kazakhstan, the country that accounts for 18 percent of the bitcoin network’s hash activity, causing BTC’s hash rate to drop by 13.4%.<!–
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