Bitcoin, ether, Shiba Inu plunge over 7%; other cryptos prices today also tank
Cryptocurrency prices today plummeted as Bitcoin was trading below $41,000 level. The world's largest and most popular cryptocurrency declined more than 7% to $40,900. Bitcoin is down about 12% in 2022 (year-to-date or YTD) so far whereas, it is still over 40% far away from its record high of near $69,000 it hit in November 2021.
Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, also tanked over 7%, falling below $3,000 to $2,917. The global cryptocurrency market capitalisation today fell below the $2 trillion, as per CoinGecko, as it was down over 6% at $1.95 trillion.
Dogecoin price was trading more than 5% lower at $0.14 whereas Shiba Inu plunged about 7% to $0.000029. The performance of other coins declined with Avalanche Stellar, Solana, Cardano, Polygon, XRP, Polkadot, Terra, Stellar prices were also trading with cuts in the range of 5-9% over the last 24 hours.
The recent volatility in cryptos 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.
On Wednesday, the US Federal Reserve released minutes from the committee’s January meeting, which reinforced its intention to act swiftly to quell rising inflation with tightening monetary policy. Bitcoin, which exhibits a strong correlation to movements in the US stock indexes lately, even gained with the S&P 500 in the minutes following the memo’s release, reported Bloomberg.
(With inputs from agencies)
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