As the Fed hikes rates by 75 basis points, Bitcoin and Ether drop alongside the top 10 cryptocurrencies

All of the top 10 cryptocurrencies by market capitalization, excluding stablecoins, including bitcoin and ether, experienced declines in Thursday morning trade as a result of the U.S. On Wednesday, the Federal Reserve announced its fourth straight rate increase of 75 basis points.

Timeline of Bitcoin, Ethereum

Amid the Bitcoin price crash and rising energy costs this year, Bitcoin miners are having a very tough time. Last week, public-listed Bitcoin miner Core Scientific (NASDAQ: CORZ) announced chances of potential bankruptcy very soon.

Pick n Pay, the South African retailer, has revealed that some of its grocery stores are now accepting bitcoin payments. To ensure payments are affordable, Pick n Pay reportedly uses the Bitcoin Lightning Network which is said to be suitable for “high volume, low-value transactions.

Major coins traded in negative territory on Wednesday evening as the global cryptocurrency market cap declined 1.8% to $999.6 billion at 9:31 p.m. EDT. Price Performance Of Major Coins Coin 24-hour 7-day Price Bitcoin (CRYPTO: BTC) -1.5% -2.7% $20,225.41 Ethereum (CRYPTO: ETH) -3.4% -2% $1,534.63 Dogecoin (CRYPTO: DOGE) -8.1% 80.5% $0.13 Top 24-Hour Gainers (Data via CoinMarketCap) Cryptocurrency 24-Hour % Change (+/-) Price Arweave (AR) 37.4% $14.09 Litecoin (LTC) 15.3% $63.65 Mina (MINA) 15.3% ​​$0.78

This week has been excellent for the entire crypto market as the most dominant cryptocurrencies registered a significant gain in the price chart. The crypto market made over 9% in return, pushing its market capitalization to the level of $1 trillion again.

BTC's price slowed down after showing so much strength as it rallied to a high of $21,000 but got rejected as the price rallied downward.   BTC could suffer retracement as the price breaks below the crucial support area, holding the price off from sellers with hopes of a rebound.

Bloomberg Intelligence's senior commodity strategist Mike McGlone is bullish on the top two largest cryptocurrencies by market cap. McGlone says in a new interview that the declining supply of Bitcoin (BTC) and Ethereum (ETH) amid growing adoption will lead to price appreciation for the two crypto assets.

Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) are trading lower by 1.88% to the $20,100-level and 5.00% to the $1,510-level Wednesday afternoon. The broader crypto market is falling amid overall U.S. market weakness as stocks see volatility following the 

A closely followed crypto strategist is issuing an alert that it's “do-or-die” time for king crypto Bitcoin (BTC). The pseudonymous analyst Cred says that Bitcoin is currently trading in a wide range between $18,000 and $22,000, with a midpoint at around $20,300.

Bitcoin, Ethereum and the crypto markets at large are experiencing a sharp increase in volatility as Federal Reserve Chair Jerome Powell details the future of interest rate hikes in the US. After raising interest rates another 0.

Crypto prices moved higher then lower following the Fed's decision to raise interest rates by 75 basis points. The post Bitcoin, ether whipsaw as Fed Chair's comments roil markets appeared first on The Block.