Shiba, Dogecoin Among Biggest Losers as Macro Fears Leads to Market Fall

Shiba, Dogecoin Among Biggest Losers as Macro Fears Leads to Market Fall

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Poor macroeconomic sentiment and increasing fears of recession in the West laid the backdrop for cryptocurrencies to lose some 4% of their market capitalization in the past 24 hours, with several major tokens taking hits of upto 8%.

Analysts at Goldman Sachs said in a note that the Fed’s aggressive measures to control inflation could likely result in recession. The bank put the odds of an economic contraction – a phase of the business cycle in which the economy as a whole is in decline – at about 35% over the next two years.