As global markets grapple with the inflation problem, central banks continue to raise interest rates to bring down inflation. The US Federal Reserve, which the world is following, also announced that it would raise interest rates and shrink its balance sheet in a bid to reduce inflation at its 41-year peak. Fed Chair Jerome Powell, in a statement recently, said rate hikes would keep inflation in check.
With this statement, the markets continued to find their direction. As losses on US stock markets deepened again, the Nasdaq fell 4.5 percent to 142 points, the S&P 500 index fell 4.04 percent to 3,923 points and the Dow Jones fell 3.57 percent to 31,490 points.
INTEREST AND EXPECTATION EARTHQUAKE IN CRYPTOM COINS
Cryptocurrency markets, on the other hand, continue to decline with the handicap of uncertainty due to the continuation of the Fed’s rate hike and loss of confidence in the cryptocurrency world. As global markets struggle with inflation, the earthquake in crypto markets is not over.
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FEAR BEGUN
With the full devaluation of the Terra UST stablecoin, expectations for Tether, one of the most popular stablecoins, started to rise. While those who have their funds tied to Tether consider returning to the dollar, there are concerns about what happened to Terra UST. It is feared that billions of dollars could evaporate if Tether experienced Terra UST’s dramatic decline. Tether remains stable for now and there is nothing to worry about. However, it is not possible to predict what will happen in the crypto money markets in the future.
BITCOIN CANNOT BE COLLECTED
Bitcoin, which peaked at $69,000 last November, was last destroyed when Terra UST became completely worthless and Terra Ecosystem sold all the bitcoins it owned. While Bitcoin is down 58 percent from its all-time high, it continues its downtrend today. Bitcoin is trading at $29,140 down nearly 3 percent. Although the collapse of Luna and UST amid Bitcoin’s rapid depreciation comes in a short period of time, the expectation that the surge will not come soon has started to dominate the market as the bears have been keeping the market’s dominance to themselves for a long time , and the fear and greed index is also in the extreme fear range.
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ETHEREUM UNDER $2 THOUSAND
Ethereum fails to recover after a sharp downwave. Ethereum, which saw its all-time high last November and then failed to reach its all-time high and was hit much harder by the vulnerabilities, is down around 5 percent at the $1936 level. It is 61 percent behind its historic high.
SOLANA INVESTOR HAS A BIG LOSS
Millions of investors lost their fortunes to analysts who once exposed Solana. Solana, which rallied as high as $260 in last November’s rally, is currently below $50. Solana is down 9% and is trading at $49.37. It is trading 81% off its all-time high.
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DOGECOIN CANNOT DELETE THE ZERO I ADDED
Dogecoin, which added another zero in last week’s downwave, failed to erase that zero. Dogecoin, guided by the manipulative remarks of billionaire businessman Elon Musk, is showing no signs of recovery. Dogecoin is trading at $0.0835, down 6%. It is trading 89% off its all-time high of $0.74.
ALSO SHIBA INU LOSES
Even the Shiba Inu doesn’t make its investor smile. The Shiba Inu who has millions in cryptocurrency accounts for its cheap price is at stake. Even if millions of burns take place, this is not reflected in the price. The Shiba Inu is down 7% and is trading at $0.0000115.
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