Among the cryptocurrencies, bitcoin price declined below the $38,000 level today. The world’s largest and most popular cryptocurrency was trading down one percent at $37,972. According to CoinGecko’s pricing, the value of the global crypto market today fell by more than 1% in the past 24 hours to $1.81 trillion.
Bitcoin has been struggling as a risk asset in recent months. It traded largely between $35,000 and $45,000 this year as the Federal Reserve began raising interest rates amid stubbornly high inflation. After hitting an all-time high of around $69,000 in November, Bitcoin Price has declined. The digital token is down about 18% since the start of the year (YTD).
Ether, on the other hand, is the coin linked to the Ethereum blockchain and the second largest cryptocurrency, also fell more than 1% to $2,797. Meanwhile, Dogecoin price was trading lower today by 0.5% at $0.13 while Shiba Inu was flat at $0.000021.
The performance of other digital tokens was mixed with the price cuts of Solana, Polkadot, Cardano, Uniswap, Terra, XRP, Avalanche, Litecoin, while Polygon, Tron, Stellar rose slightly over the past 24 hours.
Crypto assets, like other riskier sectors of the market, have all been weighed down as the Federal Reserve and other global central banks raise interest rates to fight red-hot inflation.
Meanwhile, venture capital is taking a big step forward on crypto in 2022 as private equity investors turn to crypto projects – blockchain-based apps and platforms powered by cryptocurrencies that are native to the virtual economies of the Metaverse and Web3. Huh.
According to data from Pitchbook, VC investments in such projects stood at $10 billion globally in the first quarter of this year, the largest quarterly amount ever and double the level seen in the same period a year ago. More than.
(with inputs from agencies)