Cryptocurrency prices today: Ether, Shiba Inu gain while Bitcoin, dogecoin, Solana plunge

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In cryptocurrencies, Bitcoin continued to extend its slide by trading below the $42,000 level. The world's most popular and largest digital token by market capitalization was trading marginally lower at $41,637. Bitcoin, famed for its volatility, has shed more than $27,000 since hitting a record of almost $69,000 in early November. The cryptocurrency is down over 9% since the start of the new year.

Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, gained nearly a per cent at $3,140, as per CoinDesk. On the other hand, Dogecoin prices plunged about 0.8% to $0.15 whereas Shiba Inu was up over 1% to $0.000028. Meanwhile, Binance Coin was also slightly higher at $436.

The performance of other digital tokens were mixed with cryptos like Solana, Cardano, XRP, Litecoin trading with cuts over the last 24 hours, whereas Terra, Polkadot, Polygon, Stellar, Uniswap gained. The global crypto market capitalization rose marginally to $2.07 trillion, as per CoinGecko.

The recent swings in cryptocurrencies come amid a volatile period for financial markets. Spiking inflation is forcing central banks to tighten monetary policy, threatening to reduce the liquidity tailwind that lifted a wide range of assets.

The swing in cryptos has led to Bitcoin ETF into one of the biggest losers for an issuer in their first two months of trading. With a 30% drop, the ProShares Bitcoin Strategy exchange-traded fund is now one of the 10 worst performers when looking at returns two months after a public listing, Bloomberg Intelligence data showed.

(With inputs from agencies)

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