The the biggest cryptocurrency by market cap, has been battered this year following a huge market sell-off and the soaring global economy. Now trading at a price 70% lower than its November 2021 all-time high of $69,044.77.
The US Fed has been raising interest rates multiple times this year in order curb inflation, which currently is at a four-decade high.
The global stock markets reacted sharply to the announcement, but the impact was more pronounced in the crypto market. Solana and Avalanche, other major cryptocurrencies, were also down 13 and 20 per cent in the last seven days.
The market dominance of Bitcoin has however stayed rather constant. It continues to hold over 39 percent share in the total crypto market, while Ethereum holds nearly 19 percent of the total market share.