Bitcoin and other major coins tumbled Thursday evening as the global cryptocurrency market cap dropped 7.2% to $1.7 trillion at press time.
Price Performance Of Major Coins
Coin
24-hour
7-day
Price
Bitcoin (CRYPTO: BTC)
-8.1%
-8.3%
$36,461.81
Ethereum (CRYPTO: ETH)
-6.85%
-6.7%
$2,742.10
Dogecoin (CRYPTO: DOGE)
-5.75%
-7.1%
$0.13
Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency
24-Hour % Change (+/-)
Price
Anchor Protocol (ANC)
+12.8%
$2.11
Binance USD (BUSD)
+0.01%
$0.99
Pax Dollar (USDP)
+0.1%
$1
See Also: Best Crypto Debit Cards
Why It Matters: Risk assets such as stocks and cryptocurrencies dropped lower after a selloff ensued. The S&P 500 and Nasdaq closed 3.6% and 5% lower, respectively, on Thursday. At press time, U.S. stock futures were little changed.
The dollar index, a measure of the greenback’s strength against six other currencies, touched 103.94 on Thursday — its highest level since December 2002, according to a Reuters report.
After action on interest rates from the U.S. Federal Reserve, the Bank of England raised interest rates by 25 bps. The move was construed as dovish by Giles Coghlan, chief analyst at HYCM.
“With inflation sitting at a 30-year high of 7%, today’s dovish hike is a sign that policymakers are now entering increasingly choppy waters when it …
Full story available on Benzinga.com