Crypto Price Today: Bitcoin tanks below $26,200, Ethereum, Polygon shed over 4%

economictimes.indiatimes.com:

cryptocurrency markets were trading in the red on Friday. Bitcoin (BTC) declined 5% to $26,163, whereas Ethereum (ETH) was below the $1,750 level. BTC volume in the last 24 hours stood at approximately $18.2 billion, falling 12.6% in the last 24 hours. «BTC came under selling pressure, falling by over 7% last week, and is now trading lower than the psychologically important $27k level. Multiple factors are being speculated as the reasons behind the fall in prices, including increasing network congestion, rising transaction fees, and even an incorrectly tagged US Government wallet dumping a large position in a huge sell order on Wednesday,» Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, said. Other top crypto tokens were also trading lower on Friday. Polygon declined by over 4%. BNB, Litecoin, Dogecoin and Solana were also trading with cuts.

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The global cryptocurrency market cap was trading lower around $1.09 trillion, falling 3.75% in the last 24 hours. «At the moment, the crypto market narrative seems to be driven by the bearish sentiment of short-term holders. However, longer-term holders remain resilient. The ups and downs reflect the ongoing uncertainties about cryptos and wider macroeconomic conditions,» Harshit Chachra, Web3 Growth Head at Onramp.money, said. The total volume in DeFi is currently 2.74 billion, 6.75% of the total crypto market 24-hour volume. The volume of all