The US Fed has been raising interest rates multiple times this year in order curb inflation, which currently is at a four-decade high.
The global stock markets reacted sharply to the announcement, but the impact was more pronounced in the crypto market. Solana and Avalanche, other major cryptocurrencies, were also down 13 and 20 per cent in the last seven days.
The market dominance of Bitcoin has however stayed rather constant. It continues to hold over 39 percent share in the total crypto market, while Ethereum holds nearly 19 percent of the total market share.