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New Delhi: The crypto market extended losses on Friday as fears of an impending economic recession and the US Fed raising rates to rein in inflationary pressure hurt investor sentiment around the world.

Bitcoin dipped below $20,000, as Ethereum sank 10%, posting its biggest loss in the past month. It fell below $1500 after the long-awaited software update – the merger.

With the exception of the USD Coin and the dollar-pegged Tron, all other major crypto tokens were in the red on Friday. XRP and avalanche fell about 4% each.

The global cryptocurrency market capitalization was trading significantly lower at $959.65 billion, falling more than 3% in the past 24 hours. However, the total trading volume increased by 8% to nearly $84.22 billion.

Global Updates
Computing power on the Ethereum Classic and Raven Coin blockchain networks, or hashrate, nearly doubled hours after mining became obsolete on the Ethereum network that underpins ether (ETH), the second largest cryptocurrency in the world by market capitalization. Crypto markets have been mostly flat for the past 24 hours, but Ether (ETH) and Ethereum Classic (ETC) prices dipped early Thursday following the success of the Merge event.

South Korea’s foreign ministry is trying to convince Do Kwon, co-founder of defunct stablecoin provider Terraform Labs, to surrender his passport, according to a local media report on Thursday.

Token management platform Magna has closed a $15 million seed round at a $70 million valuation led by venture capital firms Tiger Global and Tusk Venture Partners, said co-founders Bruno Faviero and Arun Kirubarajan.

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