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The cryptocurrency market, particularly altcoins, is under pressure due to the slower rate of interest rate decreases.
Chainlink, Cardano, and Shiba Inu all suffer large market losses.
Prices of cryptocurrencies are declining as a result of the Federal Reserve’s recent interest rate announcement.
Bitcoin hits $100,000 for first time on Wednesday rising to new record after President elect Donald Trump announced administration picks seen as key to ushering in crypto friendly policies when he takes office in January.
The latest milestone builds on rally set in motion Trump was projected to win the presidency on November 6 which fueled a $60000 one day spike in bitcoin that brought it to new record above $74,000.
Crypto Stocks Coinbase and MicroStrategy were among the hardest hit in premarket trading.Â
Bitcoin down to $49,111.10 at one point its lowest level and fist time under $50,000 since February after trading close to $70,000 week before
The move follow a broader market sell off that start last week when a weaker than anticipated July jobs report renewed investor fears of recession.