With the US Federal Reserve expected to start tapering the stimulus programme after the Covid pandemic hit, major cryptocurrencies took a hit.
The Fed’s money-printing program had inspired many investors to buy bitcoin as a hedge against inflation, according to a report published by coindesk.com. So, if the Fed tilts the hawkish on inflation, Bitcoin might look incrementally less attractive as a hedge against dollar debasement, reported coindesk.com.
Bitcoin (BTC), the oldest cryptocurrency in the market, tumbled by 3.77 per cent to trade at $46,922.23 at 8:36am, its market cap now stands at $8,86,74,30,13,488. Its closest rival Ethereum (ETH) is down by 5.36 per cent and is now trading at $3781.93. Its market cap is now $4,48,32,55,20,043, showed coinmarketcap.com website.
Binance Coin (BNB) is down by 5.69 per cent and is currently trading at $525.74, while Cardano (ADA) crashed by 5.29 per cent to trade at 1.23$. Solana (SOL) is down by 7.99 per cent to $154.22.
Dogecoin witnessed a fall of 4.19 per cent and was trading at $0.158 at 8.36am. Rival Shiba Inu (SHIB) is down by 5.60 per cent and was trading at $0.00003341. Dogelon Mars (ELON) is down by 4.91 per cent and was trading at $0.000001117, while Samoyedcoin was trading at $0.03635 and was down by 9.60 per cent. Floki Inu (FLOKI) was down by 11.36 per cent to $0.0001378, showed coinmarketcap.com data.
The global crypto market cap is $2.14 trillion, which is a 4.67 per cent fall over the last 24 hours. Surprisingly, the total crypto market volume is up by 38.45 per cent at $96.61 billion.
The biggest gainer was Meta Dex (MDEX), which was up as of 8.46am by 733.71 per cent to trade at $23,522.16. The biggest loser was Capital.Finance (CAP); it crashed by 98.27 per cent to $33.88.
The power deficit in Iceland has led to the rejection of local crypto miners’ requests to connect new mines with the power grid. Bloomberg.com reported that one of the several reasons behind this denial of power to the crypto miners could be the low level of water reserve, malfunction at the power station, and delay in obtaining power from an external source.
Meanwhile, Myanmar’s parallel government National Unity Government has officially accepted Tether as currency for local use, reported Bloomberg.