In cryptocurrencies, Bitcoin price today plunged below the $39,000 level after remaining volatile in the past few sessions. The world’s most popular and largest cryptocurrency was trading over 3% lower at $38,315. The digital token is down about 17% in 2022 (year-to-date or YTD) so far. However, it is about 30% far away from its record high of near $69,000 it had hit in November last year.
Meanwhile, the global cryptocurrency market capitalisation remained below the $2 trillion mark, as it was down over 4% in the last 24 hours at $1.79 trillion, as per CoinGecko.
Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, also declined over 4% to $2,545. On the other hand, dogecoin price also tanked 4% at $0.12 whereas Shiba Inu plummeted more than 5% to $0.000023.
The performance of other digital tokens also declined as Terra, Solana, Polygon gained while Avalanche, Stellar, XRP, Litecoin, Cardano, Polkadot, Uniswap prices were trading with cuts in the range of about 2-8% over the last 24 hours.
The recent volatility in cryptocurrencies has come amid a broader market selloff amid escalating geopolitical tensions due to the ongoing Russia-Ukraine crisis. The volatility has also been 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.
China reiterated it would continue its crackdown on crypto speculation in a call conference, reported Bloomberg. The country carried out one of the most comprehensive crackdowns on crypto trading and mining last May, forcing major crypto exchanges and mining companies out of the country.
(With inputs from agencies)
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