3 reasons the Gala crypto price has plunged to record low
Gala crypto price is nearing its lowest level on record . It has plunged by more than 78% from the highest level. There are concerns about the platform and the ongoing lawsuit. Gala token price continued its sell-off as demand for the coin crashed. The token plunged to a low of $0.013, meaning it has plunged by more than 78% from the highest level on record. Other top laggards on Thursday were coins like Optimism, eCash, Injective, and XDC Network. Fed interest rates and ecosystem growth There are three main reasons why Gala crypto price has been in a strong bearish trend for a while. First, like other cryptocurrencies, it is being affected by the rising interest rates by the Federal Reserve. The Fed has hiked rates from 0% during the pandemic to between 5.25% and 5.50%. In its monetary policy meeting on Wednesday, the bank warned that it will deliver one more 0.25% rate hike. High interest rates have an impact on all assets. For examp...