Bitcoin below $39,000; dogecoin, Shiba Inu fall while Cardano gains. Check cryptocurrency prices today
In cryptocurrencies, Bitcoin price today was trading below the $39,000 level as the Ukraine crisis deepened, with Western nations imposing new sanctions on Russia. The world's most popular and largest cryptocurrency traded marginally lower at $38,215. Meanwhile, the global cryptocurrency market capitalisation today dipped to $1.81 trillion, down more than 2% in the last 24 hours, as per CoinGecko.
Similary, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, also fell over a per cent to $2,675. On the other hand, dogecoin price was trading about 1.2% lower at $0.12 whereas Shiba Inu also tanked marginally to $0.000024.
The performance of other coins were mixed as Solana, XRP, Terra, Avalanche, Stellar, Polygon, Litecoin prices were trading with cuts over the last 24 hours whereas Cardano, Polkadot, Terra gained slightly.
Bitcoin’s swings during the past weeks of escalating geopolitical tensions have served to undermine the argument that cryptocurrencies offer a hedge in times of trouble. The digital token is down about 19% in 2022 (year-to-date or YTD) so far whereas, it is still more than 29% far away from its record high of near $69,000 it had hit in November 2021.
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.
(With inputs from agencies)
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