Fitch downgrades Salvadorian Foreign Currency IDR, citing Bitcoin adoption risks. The global crypto market cap lost 14% on Friday.
As McDonald’s seems interested in the metaverse, Fitch downgraded El Salvador’s foreign currency IDR (Issuer Default Rating) from B- to CCC, citing risks related to Bitcoin adoption. Fitch commentary stated that overpowering the presidency and institutions weakening led to more policy unpredictability. It also added that legalizing BTC as an official currency added uncertainty.
Meanwhile, the crypto space saw a crash early today because of speculations that Fed Reserve might increase interest rates as inflation touches 40year peaks. The global cryptocurrency market cap lost around 14.86% to $1.72 trillion. Also, trading volume plummeted by 22.4% to $59.07 Billion (Coinmarketcap data).
Bitcoin trades around $43,150.7 after a 1.56% loss. That triggered downtrends in large-cap assets. Ethereum lost 4.8% to trade near $3,055.3. Bitcoin could not sustain beyond $44,000 as the US stock market plunged. For now, BTC hovers around the near-term support at $43K, while its resistance stands near $46K. Bitcoin dragged most cryptos down with its overnight decrease. Ethereum, the leading alt, retreated by almost 4% to trade at $3,061.8.
Among other large-cap currencies, Cardano lost 3.2% of its value to hover at $1.14, whereas the ETH killer Algorand dropped 4.39% to $0.9727. More declines emerged from Binance Coin (1.11% drop to $412.15), Solana (6.21 decline to $104.49), and Polkadot (6.29% plunge to $20.33).
Sonic Token (SONIC) led the day’s gainers within its 4764% surge to $0.0001432. On the other hand, WalMeta (WALMETA) lost 99.95% to trade at $0.00005428.
DeFi and Meme Tokens
Dogecoin, the original meme token, plummeted by 4.19% to $0.1521. Its rival SHIB lost 5.92% to hover near $0.00003052. Dogelon Mars (-4.84%), Floki Inu (-14.11%). Samoyed Coin (-5.1%) also saw substantial declines.
In the decentralized finance sector, year finance (YFI) traded with a 4.74% loss at $21,381.45. While LUNA dropped 6.38% to 452.33, Avalanche gained 1.45% to change hands around the $89.57 level. Uniswap declined by 5.29% at $11.35, whereas AAVE’s 4.26% drop saw it at $175.68.
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