Business News Asia
Bitkub Coin continues to hit new lows along with the crypto market which has started to reverse and turn into a downtrend.
Yesterday, the price of the KUB coin fell from the daily high at ฿239 to the daily low at ฿220, a drop of almost 5%. Today, the coin price rose a little to ฿225.
The coin’s slump is in line with other cryptocurrencies in the market, as the world’s number one bitcoin fell more than 3% from its intraday high of ฿1,370,000 to ฿1,306,813, while Ethereum dropped 3.5% from ฿103,900 to its lowest point between ฿98,600.
Investors analyzed that the decline in the crypto market was also caused by the situation between Ukraine and Russia. The conflict is unlikely to improve, coupled with concerns about inflation, causing investors to exit risky assets.
The same applies to the foreign stock markets, which have been in a downward trend since the beginning of the year. The NASDAQ is down -14.78% for the year, the S&P 500 is down -7.86%, and the DOW is down -5.30%. Investors are looking ahead to the Federal Open Market Committee (FOMC) meeting, which will be held in early May. The market expects the Fed to accelerate rate hikes and reduce the monthly balance sheet by $95 billion.