Bitcoin Drops Most in Two Months as Global Markets Turn Risk Off
- About $220 million of crypto positions liquidated over an hour
- Altcoins like Solana, Cardano, Avalanche fall more than 10%
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Cryptocurrencies suffered a sharp selloff as global markets retreated after US Federal Reserve officials reiterated their resolve to keep raising interest rates until inflation is contained.
Bitcoin, the largest virtual coin by market capitalization, tumbled as much as 9.2% to $21,271, the biggest intraday drop since June 18. Ether and smaller tokens saw even sharper declines, with Avalanche, Cardano and Solana falling more than 10%.