Bitcoin and Other Cryptocurrencies Plummet in a Week

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Viva Budy Kusnandar 10/01/2022 13:20 WIB

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The Federal Reserve's upcoming interest rate hike to curb inflation has been met with negative responses from both conventional and cryptocurrency investors.

Performance of the Top 10 Cryptocurrencies by Market Cap That Dropped in One Week (January 10, 2022)

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Performance of the Top 10 Cryptocurrencies by Market Cap That Dropped in One Week (January 10, 2022)

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Bitcoin (BTC) and other cryptocurrencies have plummeted in the past week. The US Federal Reserve (The Fed)'s plan to raise interest rates to curb inflation has been met with negative responses from both conventional and digital currency investors. As a result, cryptocurrencies have fallen sharply in the past week.

In addition to raising interest rates faster than expected, The Fed's plan to end bond purchases, coupled with the unrest in Kazakhstan, has also put pressure on cryptocurrency prices. Kazakhstan, along with China, is a significant cryptocurrency mining country.

According to Coinbase, the price of BTC was traded at Rp 601.12 million per coin on Monday, January 10, 2022, at 10:31 WIB. This price is down 10.78% in the past week.

Avalanche (AVAX) is the largest cryptocurrency by market capitalization to experience the deepest price drop. The price of AVAX has corrected by 20.04% to Rp 1.28 million per coin in the past week. However, it still shows a price increase of 1,288.09% over the past year.

Other cryptocurrencies experiencing the largest declines include Solana (SOL), down 19.89% in the past week; Crypto.com Coin (CRO), down 18.49%; Ethereum (ETH), down 17.07%; and Polygon (MATIC), down 16.64%. Polkadot (DOT) is down 15.92%, Cardano (ADA) 15.43%, Shiba Inu (SHIB) 15.28%, and Doge Coin (DOGE) is down 12.93% over the week.

Editor : Aria W. Yudhistira

"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."

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Bitcoin and Other Cryptocurrencies Plummet in a Week

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