Cryptocurrency prices today plunged with Bitcoin trading below the $37,000 level. The world’s most popular and largest cryptocurrency by market cap was down 2.5% to $36,994. Bitcoin has slipped more than 20% since the start of this year (year-to-date or YTD), whereas it has nearly halved from its all-time high of $69,000 hit in November past 50%.
Meanwhile, the global cryptocurrency market capitalisation today was down over 3% to $1.75 trillion, as per CoinGecko, dragged by the fall in crypto prices today.
On the other hand, Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, fell nearly 3% to $2,512, as per CoinDesk. Similarly, Binance Coin slipped 4% to $369.
Dogecoin price also tanked over by 3% to $0.13 whereas Shiba Inu plummeted more than 5% to $0.000020. The performance of other cryptos also declined as XRP, Stellar, Avalanche, Cardano, Solana, Polygon, Terra, Uniswap prices were trading with cuts over the last 24 hours.
Cryptocurrencies has come under widespread selling pressure in recent weeks. The digital tokens and stocks have fallen together since the start of the year, responding to investor worries about how a series of expected Federal Reserve interest-rate increases will ripple through markets. The Fed last week held the interest rate at near zero with sights of increasing the rates to beat inflation.
(With inputs from agencies)
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