The Nasdaq slumped its worst since June 2020 and closed down 4.99 percent on Thursday, the day after the Federal Reserve announced its steepest rate hike since 2000. Meanwhile, the largest cryptocurrency, Bitcoin (BTC), has lost 9 percent in the last 24 hours. Altcoins such as SHIB, DOGE, ETH also experienced a decline.
SHIB, BTC falling sharply: Market in red
The cryptocurrency market lost 7 percent of its total value, joining other markets’ declines. According to CoinGecko data, the total cryptocurrency market cap was measured at $1.77 trillion at the time of writing. All major tokens also fell and yesterday’s gains were wiped out. Bitcoin has lost almost 9 percent, while Ethereum has lost more than 7 percent. Meanwhile, the biggest meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB), lost around 6 percent. Cardano (ADA) fell 9.7 percent and Solana (SOL) fell 11.6 percent.
US 10-year yields also rose to 3.035 percent, the highest score since 2018. This metric is usually inversely proportional to the strength of the broader markets. Bitcoin has become strongly associated with traditional markets in recent months, as more traditional market investors’ funds are tied to cryptocurrencies.
Bitcoin mining firm Canaan caught the eye of the SEC
There is no specific reason behind the decline of Bitcoin and cryptocurrencies. However, looking at the latest developments, it seems that a famous cryptocurrency mining company has caught the attention of the US Securities and Exchange Commission (SEC). The SEC said it determined that Canaan used an auditor whose working papers could not be fully audited or investigated by the Public Company Accounting Oversight Board (PCAOB).
SEC On Wednesday, Chinese mining machinery manufacturer Canaan Inc. He said he had placed 88 Chinese companies, including the company, on a preliminary delisting list. Canaan said on Thursday it will “continue to comply with applicable laws and regulations in both China and the United States, and will endeavor to maintain its NASDAQ listing status.”
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