Rising inflation and interest rates are spoiling the world economy. The crypto market is also going through a period of volatility at this time. The price of bitcoin is seeing a decline again. The world’s largest cryptocurrency by market value costs around $19,900 on global exchanges. The value of bitcoin on the Indian exchange Coinswitch Kuber is $21,468, down 2.71 percent in the last 24 hours.
The world’s second most popular cryptocurrency, ethereum, has also seen a significant decline. At the time of writing this, Ether is valued at $1,216 on CoinSwitch Kuber, while it is valued at $1,154 on global exchanges. The price of Ether has decreased by 2.85 percent in the last 24 hours.
Most of the major altcoins have suffered a lot compared to the previous day. Global crypto market capitalization has also gone down by 3 per cent in the last 24 hours. Major currencies such as BNB, polkadot, solana and cardano were among the losers, while Polygon was the only altcoin that did not see a significant drop in prices.
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Popular Shiba Inu and Dodgecoin have also seen a big drop in the form of Meme Coins. Dodgecoin is currently valued at $0.07, while the Shiba Inu is valued at $0.00001, after losing over 6.39 percent in the last 24 hours.
CoinDCX’s research team reported that the US Federal Reserve has increased rates further to counter the fears of a recession. The re-emergence of uncertainties has affected all cryptocurrencies. However, bitcoin has recently been recognized as a commodity in the US and could potentially be a safe haven for investors to avoid uncertainties. However, at the moment this seems unlikely and most cryptocurrencies are struggling to maintain their prices in every chart.