Crypto Price Today: Bitcoin falls below $22k; Solana, Polkadot slip up to 5%

economictimes.indiatimes.com:

cryptocurrency markets were trading in the red on Wednesday after hawkish comments from Federal Reserve Chair Jerome Powell raised the possibility of the US central bank returning to large rate hikes to tackle inflation. Bitcoin (BTC) fell 2.08% to $21,998, whereas Ethereum (ETH) was below the $1,600 level. BTC volume in the last 24 hours stood at approximately $24.12 billion, rising 53.88% in the last 24 hours. «Over the last 24 hours, many cryptocurrencies experienced a decline after Fed Chair Jerome Powell made hawkish statements about interest rate hikes. If BTC dips below the current level, the next level would be at the US$19,000 level,» Edul Patel, Co-founder and CEO at Mudrex, said. «Similarly, Ethereum is trading in tandem with BTC and is currently in the red zone. ETH is currently trading at US$1,555, and its next support level is US$1,450. Given the hawkish comments and uncertainties surrounding Silvergate Bank, traders, and investors may need time to analyze and understand the situation,» Edul added.

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Other top crypto tokens were also trading lower. Solana declined by 5.4%. Dogecoin, Litecoin, Cardano and Polkadot were also trading with cuts. The global cryptocurrency market cap was trading lower around $1.01 trillion, falling 1.96% in the last 24 hours. The total volume in DeFi is currently 3.78 billion, 8.20% of the total crypto market 24-hour volume. The volume of all stablecoins is now