Cryptocurrencies Tumble After Fed's Powell Hint At Moderate Rate Hike In March

Majority of digital tokens in trade on Thursday (March 3, 2022) fell, with bitcoin-the largest cryptocurrency by m-cap quoting lower by 0.65%. In the last 7-days, the crypto has gained by a substantial 24%. This is after the Federal Reserve Chair Powell said he would support a modest interest rate hike this month.

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Cryptocurrencies or digital tokens have been seeing gains ever since Russia began its invasion of Ukraine. So, from an initial price of $34,000 last week, bitcoin has scaled to a price of $43,565 as of writing this copy at around 6:18 pm.

The sharp spurt in cryptocurrencies has been seen as Russians as well as Ukrainians held assets in digital assets.

French Finance Minister Bruno le Maire on Wednesday said the EU was seeking to ensure that cryptocurrencies were not used to circumvent sanctions announced by the bloc against Russia.

Meanwhile other cryptos also fell including Ethereum, Solana, Cardano, ShibaInu.

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