02 Aug , 2022 By : Kanchan Joshi
Cryptocurrencies prices today plunged with Bitcoin trading below the $23,000 mark. The world's largest and most popular cryptocurrency Bitcoin rose more than 2% to $22,939. The global crypto market cap today was above the $1 trillion mark, even as it was down more than 2% in the last 24 hours at $1.11 trillion, as per CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, dipped over 6% to $1,587. Meanwhile, dogecoin price today was trading over 4% lower at $0.06 whereas Shiba Inu also plunged nearly 5% to $0.000012.
Other crypto prices' today performance also declined as XRP, Solana, BNB, Litecoin, Stellar, Chainlink, Avalanche, Tether, Polygon, Uniswap, Polkadot, Apecoin, Tron prices were trading with cuts over the last 24 hours.
“If bears do not seize below the current level, we may see BTC test the US$24,000 level in the next few days. The second largest cryptocurrency, Ethereum, managed to break its resistance at US$1,700 but could not sustain it for long. It is likely that ETH may retest its support levels again before reclaiming the US$1,700 level," said Edul Patel, CEO and Co-founder, Mudrex.
Despite choppy crypto markets, global digital asset funds logged net inflows totalling $474 million in July (till 29 July), the highest so far this year, according to a report by digital asset manager CoinShares.
Crypto funds almost made up for all the outflows in June, totalling $481 million. Bitcoin saw inflows of $85 million last week. The majority of inflows were from North America. Inflows from US and Canada were at $15m and $67 million, respectively. Brazil and Sweden witnessed minor outflows.
Meanwhile, the Securities and Exchange Commission said on Monday it charged 11 people for their roles in creating and promoting a fraudulent crypto pyramid and Ponzi scheme that raised over $300 million from retail investors worldwide, including in the United States, reported Reuters.
Several crypto companies have filed for bankruptcy or have been forced to look for emergency capital infusions. Rising interest rates and high-profile meltdowns like that of crypto hedge fund Three Arrows Capital have pummeled digital tokens this year. Cryptocurrencies, such as bitcoin, surged in price in 2020 and 2021, but have fallen sharply this year.
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