Crypto Market Sees Decline Across Major Assets Amid Interest Rate Hike Fears
The cryptocurrency market experienced another decline in major assets over the past 24 hours. According to CoinMarketCap, Bitcoin fell by 0.44% to $77,824.66, Ethereum dropped by 1.42% to $2,423.34, XRP decreased by 2.88% to $1.35, and Solana plummeted by 2.97% to $102.09.
The total capitalization of the market also suffered, decreasing by 0.97% to $2.61 trillion. The CoinMarketCap 20 Index dropped by 0.93% to 160.32 points.
Several factors contributed to this decline, including the expectation of an interest rate hike after US Federal Reserve Chair Kevin Warsh's statements and a focus on continuing the fight against inflation.
The market has assessed a 57% probability of a Fed rate hike in September, which is likely contributing to the increased pressure on risk assets, including cryptocurrencies. The Fear & Greed Index stood at 73 points, indicating that investors are becoming more cautious.