The Bitcoin market has seen significant price volatility, especially after the US central bank issued the largest interest rate hike since 1994.
Despite this, bitcoin has managed to stay above $20K, while many leading altcoins including Ethereum, XRP, Solana, Cardano, and Dodge are in the red.
According to digital asset management CoinShares, crypto funds suffered withdrawals of $102 million last week, owing to investors’ expectations of stricter central bank policy. The worldwide crypto market is now worth less than $900 billion, down from a high of $2.97 trillion in November.
After a major crypto lender, Celsius, suspended withdrawals and transfers between accounts this week, raising worries of a larger impact in digital asset markets already unsettled by the loss of the TerraUSD and Luna tokens last month, digital assets have taken a beating.
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