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Major cryptocurrencies slumped on Friday with bitcoin, ether and dogecoin falling up to 10% amid continued consolidation and low volatility, as bulls and bears continued to fight for domination over the crypto market. Even for the true believers, the obliteration of Terra and Luna was a powerful reminder that investing in most cryptocurrencies is the financial equivalent of Wile E. Coyote running on airвЂ”it works great until people decide to look down. And once they do, itвЂ™s a really long way to fall. ChinaвЂ™s crypto clampdown started in May, when its government confirmed a ban on transactions. In a joint statement published on the PeopleвЂ™s Bank of ChinaвЂ™s WeChat account, banking and internet industry associations said that financial institutions should not accept cryptocurrencies as payment or offer services related to them. https://www.3750lsd.net/community/profile/winifreddostie/ Sign up today for Stock Advisor and get access to our exclusive report where you can get the full scoop on this company and its upside as a long-term investment. Learn more and get started today with a special new member discount. The Fed raised interest rates in May by 0.50%, the largest move since 2000, in an effort to combat inflation. The Fed also detailed plans on unwinding its nearly $9 trillion balance sheet starting in June. The April consumer price index, which measures changes in the cost of food, housing, gasoline, utilities, and other goods, remained at 8.3% from a year ago. The war in Ukraine also continues to contribute to increased market volatility. Sign up today for Stock Advisor and get access to our exclusive report where you can get the full scoop on this company and its upside as a long-term investment. Learn more and get started today with a special new member discount.
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