Given everything that happened with SVB and other banking organizations, numerous prominent individuals, such as Bill Ackman and Elon Musk, suggested that the Fed should revert from its interest rate-hiking strategy. However, the country’s central bank didn’t follow their advice and increased the key interest rates by another 25 basis points.
BTC reacted with immediate price volatility. The asset fell from its multi-month peak all the way down to $26,700 (on Bitstamp). The rollercoaster continued in the following hours, but this time in the opposite direction. Naturally, this led to a large number of liquidations, with the total value standing at $260 million on a 24-hour scale.
As of now, the cryptocurrency trades close to $28,000 once again. Its market dominance has increased to 46.2%.
(By Jordan Lyanchev)
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