Bitcoin’s price plunged below $44,000 as the global cryptocurrency market traded in the red after US stocks dipped on hot inflation data, according to Coindesk.
The largest cryptocurrency by market cap, Bitcoin slipped by 1.59 per cent to $43,273.40. The major altcoin, Ethereum, was down by 3.22 per cent at $3,084.75.
Other cryptocurrencies such as XRP was down by 5.91 per cent, Solana fell by 6.03 per cent, Terra slipped by 4.51 per cent, Cardano was down by 2.42 per cent, Avalanche was down by 0.52 per cent, Stellar fell by 3.72 per cent.
Other cryptocurrencies, Polkadot was down by 6.20 per cent, Dodgecoin fell by 3.56 per cent, Polygon fell by 5.93 per cent, Shiba Inu was down by 5.98 per cent and Chainlink was down by 4.26 per cent.
“The global market cap fell by nearly 4 per cent, while the trading volume rose by 50 per cent in the past 24 hours. Bitcoin dipped from US$45,000 to US$43,000 after the fall of U.S stocks following hawkish remarks by the Federal Reserve,” Edul Patel, CEO and Co-founder of Mudrex, said.
“BTC is close to meet the overbought levels, although pullbacks can stabilize between US$40,000 and US$43,000 levels. The second-largest cryptocurrency is trading at US$3,000. According to the market cap, the top altcoins are also running in red over the previous day,” Patel said.
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