Cryptocurrency prices today plunged with Bitcoin falling below the $38,000 level. The world’s largest and most popular cryptocurrency declined nearly 1.9% to $37,673. Bitcoin is down about 19% in 2022 (year-to-date or YTD) so far whereas, it is still over 46% far away from its record high of near $69,000 it hit in November 2021.
Bitcoin dropped to a more than two-week low as fears of a possible Russian invasion of Ukraine prompted some analysts to predict the largest cryptocurrency could slide toward the key $30,000 level.
Bitcoin dipped below $40,000 level over the weekend and kept weakening as the Ukraine crisis deepened, undermining the argument that cryptocurrencies are a haven in times of geopolitical turmoil.
Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, also fell about 3.3% to $2,594.59. Meanwhile, Dogecoin price crashed over 6% to $0.129778 whereas Shiba Inu also plummeted about 7.2% to $0.00002457. The performance of other coins also tanked as Solana, XRP, Terra, Avalanche, Stellar, Cardano, Polygon, Polkadot prices were trading with cuts in the range of 5-12%.
The global cryptocurrency market capitalisation today remained below the $2 trillion, as per CoinGecko, as it was down over 3% at $1.77 trillion, dragged by the fall in crypto prices today.
Crypto prices have tumbled since reaching record highs in early November. The recent volatility has come amid a broader market selloff driven by investors recalibrating their portfolios to account for a more aggressive Fed, which is now expected to raise rates as many as seven times this year as it fights surging inflation.
Never miss a story! Stay connected and informed with Mint.
Download
our App Now!!
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
