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Sunday, April 2, 2023

Cryptocurrencies Fall After Fed Statements on Rate Hikes

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Today it was announced that in the minutes of the last meeting of the United States Federal Reserve almost all officials endorsed a rise of 25 basis points and that a few assured that it could extend to 50 basis points. the fed he saw upward inflation risks as a key factor for upcoming decisions.

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Among the top 10 cryptocurrencies, it leads the fall Solana with 6.7%, followed by Polygon with 2.7%, and later Cardano with 2.4%.

After opening the year on the up and recording almost 50% growth, Bitcoin is still trying to consolidate at $24,000.

In the same sense, the expected end of the negative correlation between stocks and bonds operates together with the poor performance of technology companies during 2022. In parallel, regulatory advances triggered market volatility while the expectation is that it will continue Given that the Securities and Exchange Commission (SEC) decided to move on Kraken and Binance USD.

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The final blow is being dealt coinbase which, although it reported good results, showed a drop in the total number of users and a 12% drop in revenue from transactions.

Source: Ambito

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