Crypto Market:Bitcoin and Ethereum sink just like wider markets

[metaworld114]

The sourness echoed around much of the crypto market, with an overwhelming 97 of the top 100 trading in negative territory

Bitcoin and Ethereum fell on Friday, mirroring global markets, following the decisions of the UK and US to hike interest rates again and the Bank of England’s expectation that inflation may rise as high as 10% by the year-end as a recession looms.

Bitcoin fell 7.9% to US$36,446, a similar loss to that of Thursday’s, while its biggest rival by market value, Ethereum, eased 6.3% lower to US$2,745.

The leading digital currencies were both trading just under 10% below their key resistance levels, as it became more evident cryptocurrencies follow trends of general markets.

Both were approximately 45% below all-time highs seen in the latter months of 2021. www.btctalker.com

The sourness echoed around much of the crypto market, with an overwhelming 97 of the top 100 cryptocurrencies trading in negative territory.

Some of the big fallers amongst the most recognizable names were Solana, Avalanche, and Polkadot, which plummeted by 11%, 12%, and 10% respectively.

Further down the pecking order, however, there were some even larger losses, with NEAR Protocol and ApeCoin tumbling 14% and 16% respectively.

The only coin to buck the trend with an increase of over 1% was the 88th most popular crypto, according to Coinmarketcap, Anchor Protocol, which jumped 14%.