The Fed's Interest Rate Hike Weighs on Cryptocurrency Market

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Viva Budy Kusnandar 09/05/2022 12:30 WIB

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The Fed's interest rate hike last week continues to weigh on global financial markets, including cryptocurrencies.

Cryptocurrency Price Increase/Decrease (May 9, 2022*)

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Cryptocurrency Price Increase/Decrease (May 9, 2022*)

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The Federal Reserve (The Fed) raised its benchmark interest rate by 50 basis points (bps) to 1% at its last meeting (May 4-5, 2022). This move was taken to combat high inflation caused by rising energy and food commodity prices.

This increase in the US central bank's benchmark interest rate last week continues to weigh on global financial markets, including cryptocurrencies. According to Coinbase.com, cryptocurrencies fell 1.95% in the last 24 hours as of early Monday, May 9, 2022.

Terra led the decline among large-cap cryptocurrencies at the beginning of this week. Today, the cryptocurrency with the code LUNA traded down 5.47% to Rp878,690 per coin.

The next largest decline was seen in Ethereum (ETH), down 4.53% to Rp35.29 million per coin, followed by Dogecoin (DOGE), which fell 3.1% to Rp1,763.23 per coin.

Similarly, the price of Bitcoin also corrected by 3.07% to Rp484.92 million per coin. Over the past week, the cryptocurrency with the trading code BTC has fallen 13.32%. In the last year (year to year/yoy), this largest cryptocurrency by market capitalization has plummeted 41.35%.

Other large-cap cryptocurrencies that experienced corrections today include BNB (BNB), down 2.6% to Rp5.06 million per coin; Solana (SOL), down 2.48% to Rp1.07 million per coin; XRP (XRP), down 2.02% to Rp8,159.74 per coin; and Cardano (ADA), down 1.66% to Rp10,429.76 per coin.

Tether (USDT) and Binance USD (BUSD) saw increases of 0.26% to Rp14,524.00 per coin and 0.36% to Rp14,538.62 per coin, respectively.

Editor : Annissa Mutia

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."