India, Sept. 10 -- Cryptocurrencies dropped heavily in the past 24 hours as markets reacted to the rate hike by the European Central Bank, the spike in produce price inflation in the U.S., the surge in crude oil prices as well as the jump in bond yields, particularly in the U.S. Bitcoin has erased more than 2 percent in the past 24 hours.
The European Central Bank on Thursday raised the three key interest rates by 25 basis points. The central bank noted that the conflict in the Middle East continued to generate inflation pressures, and that inflation was set to remain well above target for an extended period. It noted that the outlook remains highly uncertain, with risks to the upside for inflation and to the downside for economic growth....