Bitcoin briefly tests $49k before rebounding to $51k amid a $270 billion crypto market selloff. Concerns over the US recession and Japan’s rate hike trigger market turmoil. FBI warns of rising crypto scams during increased market volatility. The cryptocurrency market has experienced a significant downturn today, shedding approximately $270 billion in value over 24 hours according to CoinGecko data . Leading this decline, Bitcoin plummeted by almost 20%, reaching $49,121, its lowest level since February at $53,091. Ether also suffered a substantial drop of 21%, falling to $2,300, erasing its gains for the year. Other cryptocurrencies like Binance’s BNB and Solana have also suffered significant losses. Bank of Japa hikes its benchmark interest rate This dramatic downturn in the crypto market coincided with a broader selloff in equities, particularly in Asia-Pacific markets, exacerbated by Japan’s Nikkei 225 falling by as much as 7%. The Bank of Japan’s decision to hike its benc...
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