Major cryptocurrencies have fallen sharply in the past 24 hours, in response to the release of the Federal Open Market Committee minutes for a faster rate increase. All three major US indexes fell sharply on the news that Federal Reserve officials are expecting faster hikes and a faster start to bond sales than expected. The Nasdaq 100 was the worst hit, down 3.34%.
The Fed’s liquidation marked the worst start to a calendar year for tech stocks since the 2008 financial crisis, as a group of tech companies pushed US markets lower during the session. MercadoLibre, down 9%, led the Nasdaq 100 index to decline, while Datadog fell 7.76% and Moderna fell 7.65%.
Enphase Energy was the biggest loser in the SPX500, down 11.82% after Bank of America cut its buying share to neutral.
Solana and Polkadot are down more than 11%, while Ethereum, BNP, Cardano and XRP are down more than 8%. Bitcoin is down around 7% and is trading just above $43,000 at the time of writing. However, this week’s Goldman Sachs report indicates that Bitcoin could double to $100,000 over the next five years.
Polygon lost 15%. It has fallen since hitting a new all-time high of $2.92 on December 27. It has since lost more than 25% to the current price of $2.08 after news of a malicious hack of the network in early December.
The most important driving factors
Almost all of the top 100 coins by market cap have lost their value today. The Metaverse tokens were the hardest hit. The biggest losers are Axie Infinity, Internet Computer and Loopring with -20%, Elrond, Tezos, Curve DAO, ThorChain and Compound with -19%, Gala, Arweave and Kadena with -18%, Hedera, Theta, Nexo and SushiSwap with -17 % Secret Privacy Protocol at -16%, Sandbox, Harmony, BAT, The Graph, Helium, Enjin Coin, Chiliz, Waves, YFI, Algorand, IoTeX, Velas at 15%.
At number 100, APENFT is the only winner today with gains of nearly 3%. Its main activities include investing in the best NFT art platforms and works, incubating top NFT artists, sponsoring art galleries, curating art exhibitions or publications, creating awards to support creativity and art criticism and creating art collections.
PAPPAY, a cryptocurrency usable for online digital purchases and payments and a passive income-generating tool, continues to gain 900% today, a typical level of its recent trajectory.
Another winner is AquaGoat.Finance which gained 8.65% in the last 24 hours. Recognizing the harmful effects of cryptocurrency mining on the environment, AquaGoat is focusing on ocean conversation efforts, helping to offset, mitigate, and reverse the harm caused by human and mining operations. Traditional in the past, while generating income for network participants.