• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Technology Cryptocurrency

Billions of dollars evaporate in the crypto market on strong U.S dollar

4 years ago
in Cryptocurrency, highlights, Home, home-news, latest News, Technology
1 min read
0 0
0
57
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

The crypto market suffered significant losses at Wednesday’s trading session with most altcoins including Ethereum, pulling back from their weekly highs after the United States Federal Reserve moved forward with its hawkish monetary strategy that will allow for at least two interest rate hikes in 2023.

At the time of filing this report, global crypto market value stood at about is $1.61 trillion, postulating losses of over $80 billion with a 6.27% plunge for the day.

The Dollar Index used to track the greenback’s strength against a basket of major currencies posted gains of about 1% at Wednesday’s trading session, its biggest surge since March 2020, further weakening bullish sentiments on riskier assets.

The pioneer crypto asset, Bitcoin, dropped below $40,000, a key support level, extending its losses shortly after Jerome Powell announced that the U.S Fed will soon tighten the monetary liquidity in the world’s most powerful economy amid rising inflation and improved economic recovery in the $21 trillion-plus economy.

Bitcoin’s price stood at $38,741.67 posting losses of about 4% for the day, with a dominance level currently at about 45%.

Read: Crypto market gains about $165 billion, as Elon Musk tweets on Tesla accepting Bitcoin

Consequently, many leading altcoins including Ethereum drifted lower in value except for a few crypto-assets that managed to buck the bearish trend.

RelatedPosts

BudgIT Ghana Calls for Deeper Reforms Following 2024 Open Parliament Index Release

Global Economy Undergoing Profound Transformation Amid Heightened Uncertainty, Says IMFC Chair

Fitch Solutions Revises Ghana’s 2025 Growth Forecast Upwards to 4.9% on Easing Inflation and Stronger Cedi

Chiliz and Shiba Inu (SHIB) rallied more than 30% for the week after the news that Coinbase, the world’s most valuable crypto exchange, would list both assets on its pro platform

A significant number of investors and traders increased their selling pressures with the 50-and 200-day moving averages on route to converge, possibly forming a strong bearish sign referred to as the death cross. Though such indicators are often known not to really give a real-time effect on prices, market analysts reveal it could, however, tame crypto bulls from breaking high.

Further price actions reveal Bitcoin bulls face headwinds in the coming days with the flagship crypto asset trading sideways over the past few days as buyers face an uphill task defending the $38,000 support levels amid weakened buying momentum, further suggesting a likely pullback towards the $35,000 price band in the mid-term.

Source: nairametrics
Via: norvanreports
Tags: Billions of dollarscrypto marketEthereumUnited States Federal Reserve
No Result
View All Result

Highlights

Nigeria, Kenya Follow Ghana’s Trailblazing GoldBod to Strengthen Economies

Morocco Crowned World Champions at the FIFA U-20 World Cup

GPL: Gold Stars Seek Redemption, Eleven Wonders Hunt First Win in Super Monday Doubleheader

OMCs Begin Over 4% Fuel Price Reductions Amid Cedi Gains and Decline in Global Oil Prices

Nigerians to pay more for ChatGPT on OpenAI’s 7.5% VAT

Prof. Baah-Boateng Urges Bank of Ghana to Prioritise Cedi Stability Amid Sharp Currency Swings

Trending

Features

BudgIT Ghana Calls for Deeper Reforms Following 2024 Open Parliament Index Release

October 20, 2025

BudgIT Ghana Calls for Deeper Reforms Following 2024 Open Parliament Index Release BudgIT, a prominent civic tech...

Global Economy Undergoing Profound Transformation Amid Heightened Uncertainty, Says IMFC Chair

October 20, 2025

Fitch Solutions Revises Ghana’s 2025 Growth Forecast Upwards to 4.9% on Easing Inflation and Stronger Cedi

October 20, 2025

Nigeria, Kenya Follow Ghana’s Trailblazing GoldBod to Strengthen Economies

October 20, 2025

Morocco Crowned World Champions at the FIFA U-20 World Cup

October 20, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.