Bitcoin and Ether Falter as Cardano, Solana, Shiba Inu Brace for Big Fed Rate Hikes ⋆ ZyCrypto - BitcoinEthereumNews.com
The crypto market in recent months has become increasingly sensitive to rate hikes by the Fed. This weeks expectations of even more aggressive rate hikes have seen several altcoins slip considerably in the past 48 hours. Several Altcoins See Double-Digit Losses As reported by Wu Blockchain, several altcoins tanked significantly last week as investors brace for Fed rate hikes this week. For instance, Cardano, Shiba Inu, and Solana slid by 11%, while Metaverse tokens like ApeCoin, Axie Infinity (AXS), The Sandbox‘s SAND, and Decentraland’s MANA tanked by at least 20%. The crypto markets have continued to struggle in 2022 in contrast to the strong bullish momentum across the market in Q4 of 2021. Several assets remain a long way off peaks formed in 2021 as the nascent market increasingly moves in tandem with the stock markets. At the time of writing, many of these assets appear to have recouped some of their earlier losses. CoinMarketCap data shows that Solana is now down 2.26% in the last 24 hours, SAND and MANA are down about 4% now, while AXS is down about 3%. Other crypto assets affected include AVAX, XRP, DOT, and NEAR. While most of the tokens mentioned above are averaging about 5% price drops,