Bears have taken over the crypto market as well as the Metaverse and NFT-related cryptocurrencies because of the hawkish US Federal Reserve’s 50 basis point hike. Over the past week, the bearish approach has wiped out about $62 billion from the crypto market.
Popular tokens Flow and Apecoin recorded significant double-digit losses. The former lost 22% of its value and registered a new monthly low of $0.74. But FLOW-based NFT trading volume jumped 27.27% to $1.185 million over the past week. It has been up 2% over the past 24 hours, trading at $0.77.
ApeCoin, as per data from CoinMarketCap, is up by 1.07% in the last 24 hours and holding at $3.53. It is down by nearly 86% since its all-time high of $26.70 in April 2022. But APE, powered by Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFTs recorded high sales volume over the past week.
Other Metaverse and NFT cryptocurrencies like Chiliz and The Sandbox have also been hit. Chiliz (CHZ) has been down by 7.58% in the last 24 hours and trading at $0.1162, while The Sandbox (SAND) was trading at $0.462. It lost 2.32%. However, the sales of Sandbox real estate surged from $33,000 last week to above $51,000 this week.