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. Meanwhile, an internet shutdown 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%.
Like Bitcoin, Ether, the second largest cryptocurrency by market cap, also saw a significant drop. After a good start to the year, the price of the Ethereum-based cryptocurrency (Ether price today) fell by 8.3% in the last 24 hours. At the time of writing the news, Ether was priced at $3,759 (approximately Rs 2.79 lakh) on CoinSwitch Kuber, while the value on global exchanges was at $3,446 (approximately Rs 2.56 lakh).
Gadgets 360’s cryptocurrency price tracker shows that the last 24 hours have turned out to be bad for all the major coins in the market. Ripple, Cardano, Polygon, Litecoin, Chainlink, and Polkadot all saw price declines, while Tether and USDC gained marginally.
Even meme coins didn’t survive this fall. Dogecoin price in India today fell 6.86 percent to $ 0.17 (about Rs 12.67) in the last 24 hours. Meanwhile, Shiba Inu price in India today also registered a decline of 7.61% and till the time of writing this, this coin was trading at $0.000032 (approximately Rs.0.002417). SHIB has lost 10.2% in value over the past week, while DOGE has lost 6.9%.
According to CoinGecko, the value of Bitcoin has also fallen by more than 7% in the past week. However, this cryptocurrency has seen an increase of over 26% year-on-year.<!–
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