Bitcoin and other cryptocurrencies are suffering severe losses in January. The largest cryptocurrency has plunged to $32,000 while Ethereum, the second-largest cryptocurrency traded around the two thousand ish plunging from an all-time high price of nearly $5,000 in November.
The crypto market crash followed news about The Federal Reserve raising interest to curb inflation. When the Feds raise interest rates, risky assets see a huge sell-off, and cryptos were the biggest losers.