In crypto, bitcoin price was trading below the $41,000 level today. The digital token was trading down 2% at $40,072. The world’s largest and most popular cryptocurrency So far in 2022 (year-to-date or YTD) is down about 11%. It is nearly 30% off its all-time high of $69,000 in November last year.
On the other hand, Ether, the coin tied to the Ethereum blockchain and the second largest cryptocurrency by market capitalization, also fell more than 2% to $2,840. Dogecoin price fell by almost 3% to $0.11, while Shiba Inu was down more than 5% to trade at $0.000023.
Other digital tokens such as Polygon, Litecoin, Stellar, Uniswap, Solana, Polygon, Polkadot, Cardano also declined in performance over the past 24 hours, while Terra rose by over 2%. Meanwhile, according to CoinGecko, the global cryptocurrency market capitalization remained below the $2 trillion mark of $1.95 trillion, a change of over 1.6% in the past 24 hours.
Cryptocurrencies have been engulfed by the same forces that have damaged other risk assets, including US equities, this year. The recent volatility in cryptocurrencies comes amid a broad market sell-off amid rising geopolitical tensions due to the Russia-Ukraine crisis. Volatility has also been driven by investors recalculating their portfolios to account for the more aggressive Fed.
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