By Pawn Nahar, ETmarkets.com
9th May 2022 – (New Delhi) Major cryptocurrencies plummeted on Monday, extending the rout seen in these tokens over the weekend. The expectations of an aggressive rise in the interest rates continue to weigh on crypto markets. Sluggish economic growth is also denting the sentiments for the digital cart.
Barring the dollar-pegged stablecoins — USD Coin and Tether — all major crypto tokens and altcoins were trading lower. Terra dropped 6 per cent, whereas Avalanche tumbled 5 per cent. Ethereum and Shiba Inu plunged 4 per cent each.
The global cryptocurrency market cap was trading sharply lower at the US$1.53 trillion mark, falling about 3 per cent in the last 24 hours. However, the total cryptocurrency trading volume zoomed about 14 per cent to US$98.63 billion.