Most cryptocurrencies continued to fall, mirroring the tech-heavy indices which are “more sensitive to changes in interest rates”.
Bitcoin, the largest coin by market cap, fell 3.65% to US$32,301, briefly dipping below US$30,000, for the first time in almost a year. Ethereum on the other hand fell 1.08% to US$2,442. Like Bitcoin, Ethereum had slipped further to US$2,228, also its lowest level in nearly 12 months, before bouncing slightly.
Cryptocurrencies have also mirrored the movements of tech stocks, like the Nasdaq.