Bitcoin staggers to $29,106 as altcoins extend losses

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The cryptocurrency market remained bearish on Wednesday as investors continue to move away from assets considered riskier options, with market capitalisation losing 4.1 percent to reach $1.27 trillion.

The decline follows the release of minutes from the recent US Federal Reserve committee meeting on Wednesday, which indicated that multiple 50 basis point interest rate increases could occur over the next several meetings. As of 1155 hours GMT, the largest cryptocurrency Bitcoin’s (BTC) price reached $29,106, reflecting a drop of 1.1 percent. With this decrease in price, the market capitalisation of the biggest crypto has reached $554 billion. —TLTP

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