Cryptocurrencies suffer sharp selloff amid fears interest rates will keep rising  

Cryptocurrencies suffered a sharp selloff as global markets retreated after US Federal Reserve officials reiterated their resolve to keep raising interest rates until inflation is contained.

Bitcoin, the largest virtual coin by market capitalisation, tumbled as much as 9% to $21,271, the biggest intraday drop since June 18. Ether and smaller tokens saw even sharper declines, with Avalanche, Cardano and Solana falling more than 10%.