Rising inflation dampened investor sentiment about crypto assets and led to massive sell-offs leading to a global crypto crash.
Bitcoin, the most popular cryptocurrency, fell to $25,586, as other popular alternatives such as Ethereum went on a downward spiral.
Ethereum was trading at $1350 at the time of writing, its lowest point in 14 months.
Solana fell by 30 percent to trade at the $29 mark.
Stock markets also cooled down, as investors exited riskier assets in general, in addition to cryptocurrency.
Crypto is considered as one of the most volatile instruments even though Bitcoin has rallied for a while, but increasing regualations in countries such as India have added to the volatility, making investors wary.
Rising commodity prices are also affecting the crypto industry just like everybody else.
In a worrying trend, even as the RBI revised its repo rates, the US Fed could also raise interest rates, to counter the inflationary spike, making crypto investors even more cautious.
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