Bitcoin rises marginally while ether, dogecoin, Solana, other crypto prices today continue to plunge
Bitcoin gained after tumbling to its lowest level in six months in the previous sessions. The largest cryptocurrency was marginally higher at $36,013 after earlier dropping to $32,951, its lowest price since July 23. That took losses from its all-time high of $69,000 hit in November past 50%. Bitcoin is down over 21% in 2022 (year-to-date) so far.
On the other hand, Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, plunged more than 4% at $2,390, as per CoinDesk. Meanwhile, the global cryptocurrency market cap today declined nearly 2% to $1.71 trillion, as per CoinGecko, dragged by fall in the crypto prices today.
Dogecoin price tumbled nearly 3% to $0.13 whereas Shiba Inu fell over 8% to $0.000021. Other cryptos such as XRP, Terra, Stellar, Avalanche, Cardano, Solana, Polygon were also trading with cuts over the last 24 hours.
Cryptocurrencies has come under widespread selling pressure in recent weeks, with traders pointing to hawkish signals from the Federal Reserve and a selloff in technology shares as reasons for traders to withdraw from risky assets. Since its all-time high of $69,000 in November, Bitcoin has tumbled more than 50%.
The digital tokens and stocks have fallen together since the start of the year, responding to investor worries about how a series of expected Federal Reserve interest-rate increases will ripple through markets.
Around $465 million in crypto assets have been liquidated in the past 24 hours, according to data from Coinglass, with Bitcoin trades accounting for $167 million of that total.
(With inputs from agencies)
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