The crypto market as a whole was bearish with few coins in the green at the time of writing. The majority of top 10 cryptos registered losses over the past 24 hours.
Bitcoin was priced at below $43,000 at time of writing. Other cryptos were also lower, including Ethereum, down around 1%, and Cardano and XRP, registering losses of 2% and 3%, respectively.
Bitcoin dropped below $42,000 for the first time since March 23. The flagship crypto is sliding back further into the range in which it has traded so far in 2022. According to Bloomberg, this is due to mounting concerns about rising interest rates.
In Asian hours today, it had dropped to $41,918. It has been retreating over the past week.
Since the Fed announced tightening monetary policy, most major cryptos have seen their value decline. Surprisingly, last week’s Bitcoin 2022 conference in Miami did not have a positive effect on Bitcoin’s price.
The top 100 was equally bearish. Two exceptions to the rule were Zilliqa (+4%) and Stepn (+6%). KNC, the token of Kyber Network, crashed into the top 100 today with gains of 15% in the last 24 hours.
It expanded to ten different blockchains, integrated with Uniswap v3 and took part in Avalanche’s new developer incentive. This led to a 50% price increase of Kyber Network’s KNC token yesterday.
Shiba Toby continues to rally. Shiba Toby bills itself as “the ultimate all-in-one token, providing the very best in cutting edge coding”. Holders get 5% reward for each sell transaction.
Shiba Toby is a hyper-deflationary token with an automatic distribution of rewards. It gained 2,266% today.