Cryptocurrency prices today: Bitcoin, Ether, other coins slump on Ukraine crisis
Cryptocurrency prices today plunged with Bitcoin falling below the $38,000 level. The world's largest and most popular cryptocurrency declined nearly 1.9% to $37,673. Bitcoin is down about 19% in 2022 (year-to-date or YTD) so far whereas, it is still over 46% far away from its record high of near $69,000 it hit in November 2021.
Bitcoin dropped to a more than two-week low as fears of a possible Russian invasion of Ukraine prompted some analysts to predict the largest cryptocurrency could slide toward the key $30,000 level.
Bitcoin dipped below $40,000 level over the weekend and kept weakening as the Ukraine crisis deepened, undermining the argument that cryptocurrencies are a haven in times of geopolitical turmoil.
Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, also fell about 3.3% to $2,594.59. Meanwhile, Dogecoin price crashed over 6% to $0.129778 whereas Shiba Inu also plummeted about 7.2% to $0.00002457. The performance of other coins also tanked as Solana, XRP, Terra, Avalanche, Stellar, Cardano, Polygon, Polkadot prices were trading with cuts in the range of 5-12%.
The global cryptocurrency market capitalisation today remained below the $2 trillion, as per CoinGecko, as it was down over 3% at $1.77 trillion, dragged by the fall in crypto prices today.
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.
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