Polygon drops 3%; Bitcoin, Ethereum & Solana fall 1% each
New Delhi: Crypto tokens saw some profit booking as traders tempered bets that the Federal Reserve will raise interest rates by 100 basis points in an attempt to curb the rising prices.
Higher interest rates would make riskier assets like cryptocurrencies and stocks less attractive as investments. However, the top crypto token – Bitcoin – continued to trade above the $20,000 mark.
Barring the dollar-pegged USD Coins, all other top crypto tokens were trading lower on Friday. Polygon plunged up to 3 per cent, whereas Bitcoin, Ethereum, Cardano and Solana shed a per cent each.
The global cryptocurrency market cap was trading higher at the $924.30 billion mark, rising close to 3 per cent in the last 24 hours. However, the total cryptocurrency trading volume dropped about a per cent to $72.64 billion.
