The decline in Bitcoin and Ethereum prices was primarily due to inflation and supply chain issues, forcing investors to remain cautious.
Bitcoin, Ethereum, and significant cryptocurrencies fell back to red on Tuesday.
HIGHLIGHTS
- Bitcoin price was at $30,409.08
- Ethereum’s price was at $2,076
- Along with cryptocurrencies, other equity markets also dropped
Prices of the top two cryptocurrencies, Bitcoin and Ethereum, fell on Tuesday. After snapping a week-long losing streak, Bitcoin and other major cryptocurrencies returned to the red.
The decline in Bitcoin and Ethereum prices was primarily due to inflation and supply chain issues, forcing investors to remain cautious.
BITCOIN PRICE
The Bitcoin price was at $30,409.08. Ethereum’s price was at $2,076.
“Bitcoin, Ethereum, and significant cryptocurrencies fell back to red on Tuesday. BTC dipped to US$29,000 yesterday after stabilizing at US$30,000 over the weekend. This week, BTC can only see the upswing if it trades above its support price at US$30,000,” Edul Patel Co-Founder & CEO of Mudrex said.
Other cryptocurrencies such as Stellar was down by 0.47 per cent, Polkadot fell 1.87 per cent, Dogecoin also fell.
While Shiba Inu was up 0.29 per cent, Polygon rose 0.43 per cent, Avalanche gained 0.71 per cent, Cardano fell 1.52 per cent, XRP gained 2.55 per cent and Solana was up by 2.26 per cent.
“Along with cryptocurrencies, other equity markets also dropped, struggling with inflation and supply chain issues. The coming next two weeks will be critical for the entire crypto spectrum,” Patel said.
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