Crypto Market Plummets as Interest Rates and Inflation Concerns Linger.
Ethereum fell as much as 7% amid a wider crypto sell-off, with Bitcoin falling 3% in under 30 minutes. Altcoins like Solana and Polygon also took hits. The cause of the sell-off is unclear, but markets have been sensitive to signs of central bank tightening and inflation. Experts suggest that a large crypto holder offloading a massive position on an exchange and Binance enabling withdraws of staked ether may have contributed to the drop in prices. Volatility has returned to the market after months of upside for digital assets.