Cryptos Extend Sell Off; All Major Cryptos In Red As Markets Discount Aggressive Fed Tapering

For a long period of time crypto markets are also being the brunt first of the rate hike expectations by the Federal Reserve and then the geo-political crisis. Now as per the cryptocurrency portal Coinmarketcap.com, the global crypto market cap is $1.72 trillion and volume over the last day is $74.19 billion.

bitcoin

At the time of writing this copy, at around 5:10 pm, bitcoin is down by close to 1% and is trading at $38,724.16. As per the same portal bitcoin's dominance is at 42.72%. Further all other cryptos are down with only Tether, USD Coin and Stellar holding on to minor gains or being stable as for the latter.

There is a view that cryptos have come under pressure pricing 7 rate hikes by the US Federal Bank in 2022. The crucial Fed meet is scheduled on March 15 and March 16, 2022 and any outcome on increasing rates will see sell-off in the crypto space. As then foreign funds will flow out from emerging economies which will also have repercussions on the crypto market. Dollar is said to have pared losses in anticipation of aggressive unwinding by the Federal Reserve.

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