Major cryptocurrencies dipped on Sunday evening, as the market capitalization fell 2% to $1.07 trillion, recorded at 8:30 p.m. EST.
What Happened: The largest cryptocurrency by market value, Bitcoin BTC/USD, dipped below $23,000. Ethereum ETH/USD was changing hands at $1,634, down 1.94% in the last 24 hours. Dogecoin DOGE/USD was down 2.61% in the last 24 hours, pushing its price up to $0.092.
U.S. equities finished lower on Friday. The S&P 500, declined by 1.04% and the tech-heavy Nasdaq Composite dropped by 1.59%.
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Investors are wary of possible signs of stubbornly high inflation reigniting, thus prompting a more aggressive interest rate response from the Federal Reserve.
Analyst Notes: “It is rather shocking to see how little crypto is moving considering all the volatility across fixed income, stocks, FX and commodities. An impressive…