Cryptocurrency prices fell today after Ether and Bitcoin hit their 10-day highs on Sunday as the market showed some signs of stabilization. The world’s largest and most popular cryptocurrency fell one percent and was trading at $21,115. According to CoinGecko, the global cryptocurrency market cap was below $1 trillion today, having fallen by more than one percent to $993 billion in the past 24 hours.
Ether, on the other hand, is the coin linked to the Ethereum blockchain and the second largest cryptocurrency, fell more than a percentage point to $1,218. Meanwhile, the price of Dogecoin is up 10% today to $0.07, while the Shiba Inu is up 2% to $0.0000011.
Today’s performance of other crypto prices also declined as XRP, Tether, Solana, BNB while Stellar, Litecoin, Polygon and Tron prices were trading with cuts in the last 24 hours, however, in Uniswap and Epcoin. increased.
Cryptocurrencies have suffered this year amid a hike in Federal Reserve rates and extremely high inflation. Ether is still down over 60% this year, even after rebounding from its peak lows.
Coinbase Global Inc., Crypto.com, Gemini Trust and BlockFi Inc. are among crypto companies that have announced layoffs, citing the general macroeconomic slowdown to derail their previously expanded plans. The collapse of the Terra/Luna ecosystem and continued concerns about hedge fund Three Arrows Capital Ltd. have further upset investors.
After crypto’s last two years of hibernation ended in 2020, the sector reached nearly $3 trillion in total assets last November, before falling to just under $1 trillion last November. The cryptocurrency had been moving in the same direction for months as investors’ appetite for riskier assets in stocks was dampened by growing fears about an economic slowdown.
India’s largest digital asset exchange is gearing up for a drawn-out crypto winter. According to a Bloomberg report, with token prices plummeting, customers unable to transfer funds to their accounts and a horrific transaction on cryptocurrencies just around the corner, exchanges such as Binance-backed WazirX have put expansion plans on the back burner. .
(with inputs from agencies)