The worldwide cryptocurrency market capitalization is at $942.7 billion, up from $909.1 billion on Wednesday morning.
Still, the repercussions of Bitcoin's (CRYPTO: BTC) fall have been devastating, with some risking insolvency. Celsius, a crypto-lending firm, banned withdrawals earlier this week due to extreme market conditions.
The company said on Tuesday that it had recruited counsel from the law firm Akin Gump Strauss Hauer & Feld LLP to help it figure out how to fix its financial problems.
Bitcoin, the most popular cryptocurrency, is down 2.28% intraday Wednesday, after dropping more than 5% on Tuesday. The once $69k coin is priced at $21,731.47.
Let’s take a peek at some of the other top cryptos.
Ethereum (CRYPTO: ETH)
The popular altcoin used for the purchase of NFTs is buoyant, floating around 52-week lows. The coin is trading at $1,178.56.
Solana (CRYPTO: SOL)
The “fast, secure, and scalable” coin is trading 8.56% higher in the last 24 hours, with prices hovering around $31.99 on Wednesday.
BNB (CRYPTO: BNB)
Binance’s native coin is trading 0.61% higher to $222.88.
Dogecoin (CRYPTO: DOGE)
The ever-popular altcoin is trading 7.22% lower to $0.059.
The Federal Reserve raised interest rates by 75bps on Wednesday afternoon, in line with analyst expectations. This hike is the biggest since 1994, as the Fed aims to curve inflation that is at a 40-year-high.
"The current picture is plain to see, the labor market is extremely tight, and inflation is much too high." Federal Reserve Chair Jerome Powell said Wednesday.
