Fear of an interest rate hike is landing in the cryptocurrency (virtual currency) market in earnest. Cryptocurrencies such as Bitcoin are on the rise.
As of 11 am (Korean time) on the 8th, Bitcoin is recording $33,759, a drop of 7.84% from 24 hours ago on CoinMarketCap, a global coin market relay site. As a result, Bitcoin fell to the $34,000 level.
At around 7 o’clock, four hours ago, Bitcoin was at $34,469, down 3.96% from 24 hours ago. Bitcoin has significantly increased its decline.
Ethereum, the second largest by market cap, also plunged 6.78% to $2601 on CoinMarketCap at the same time. Four hours ago, Ethereum was at $2641, down 2.31% from 24 hours ago. Ethereum also significantly increased its drop.
Cardano (Ada) and Dogecoin also increased their declines, plunging 8.66% and 9.87%, respectively.
This is believed to be because US Treasury Secretary Janet Yellen hinted at the possibility of a rate hike yesterday.
“Even if we have a slightly higher interest rate environment than the current one, it will be beneficial from a social point of view and from the point of view of the Federal Reserve,” Yellen said in an interview while attending the G7 finance ministers’ meeting in London, England. will,” he said.
“I want inflation and interest rates to get back to normal,” he added.
He actually hinted at a rate hike. The United States is the first country among the G7 countries to suggest a rate hike after the COVID-19 outbreak.
As soon as this news came out, the cryptocurrencies all turned to a downtrend, and as time goes by, the decline is increasing.
