Crypto market tanks a day after US Federal Reserve raised interest rates

economictimes.indiatimes.com:

Mumbai: The crypto market declined, mirroring the US stocks sell-off, after the US Federal Reserve announced raising interest rates by half a percentage point to restrain inflation. At 5 PM on Friday, on Coinmarketcap, the global crypto market cap stood at $1.66T, a 7.73 % decrease over the last day. Following the US Federal Reserve meeting statement on Wednesday, the world's largest digital currency by value climbed sharply to challenge the $40K resistance, but has since dropped 9.40 percent to $36,200 levels, the biggest drop in the previous four months.

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«Wild swings in the crypto market are common, but the difference now is that they seem to follow Wall Street as opposed to on-chain data or crypto-related news,» said Mani Thawani, Founder, Mundo Crypto. US stocks and cryptocurrencies rose after Fed Chairman Jerome Powell's press conference—the S&P 500 and Dow gained more than 2%—but the gains were short-lived. On Thursday, tech stocks—Nasdaq was down 5%—and cryptocurrencies nosedived. «The global crypto and stock markets continued to move south as sellers dominated the traditional and crypto markets throughout the week,» said Shivam Thakral, CEO, BuyUcoin. The major altcoins were also trading in red. Ethereum, the second most valuable cryptocurrency, fell 8.47 percent to $35,830. Solana was at $81.30 (-12.19 %), Cardano $0.7834 (-9.74%), Binance Coin $374 (-7.80), Polkadot $14.15 (-11.58), Avalanche $56.39 (-14.60%) and Dogecoin $ 0.1266 (-6.38%). Experts say that the stock and crypto markets will remain volatile in the near future due to concerns