24 Feb , 2022 By : Kanchan Joshi
In cryptocurrencies, Bitcoin prices today continued to trade lower, below the $37,000 level. The world's largest and most popular cryptocurrency declined more than 3% to $36,932. Bitcoin is down about 20% in 2022 (year-to-date or YTD) so far whereas, it is still more than 46 percent far away from its record high of near $69,000 it had hit in November 2021.Â
Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, also tanked about 3% to $2,568. Meanwhile, Dogecoin price were trading over 3% lower at $0.12 whereas Shiba Inu also fell about 2% to $0.000025.
The performance of other coins also plummeted as Solana, XRP, Terra, Avalanche, Stellar, Cardano, Polygon, Polkadot prices were trading with cuts in the range of 3-6%. The global cryptocurrency market capitalisation today remained below the $2 trillion, as per CoinGecko, as it was down over 3% at $1.75 trillion, dragged by the fall in crypto prices today.
Bitcoin dipped below $40,000 level over the weekend and kept weakening as the Ukraine crisis deepened, undermining the argument that cryptocurrencies are a haven in times of geopolitical turmoil, prompted some analysts to predict the largest cryptocurrency could slide toward the key $30,000 level, reported Bloomberg.
Crypto prices have tumbled since reaching record highs in early November. The recent volatility has come amid a broader market selloff driven by investors recalibrating their portfolios to account for a more aggressive Fed, which is now expected to raise rates as many as seven times this year as it fights surging inflation.
0 Comment