Bitcoin gained momentum in the previous session after falling to its lowest level in six months. the largest cryptocurrency It was marginally higher at $36,013, having previously dropped to $32,951, the lowest price since July 23. It took losses past 50% of its all-time high of $69,000 in November. Bitcoin is down more than 21% so far in 2022 (year-to-date).
On the other hand, Ether, the coin tied to the Ethereum blockchain and the second largest cryptocurrency, fell more than 4% to $2,390, according to CoinDesk. Meanwhile, according to CoinGecko, the global cryptocurrency market cap fell by nearly 2% to $1.71 trillion today, dragged down by a drop in crypto prices today.
The price of Dogecoin fell by almost 3% to $0.13 while the Shiba Inu fell more than 8% to $0.000021. Other cryptos such as XRP, Terra, Stellar, Avalanche, Cardano, Solana, Polygon were also trading with cuts in the last 24 hours.
The cryptocurrency has come under widespread selling pressure in recent weeks, with traders pointing to hawkish signals from the Federal Reserve and a selloff in technology stocks as reasons for traders to pull out of riskier assets. Bitcoin is down more than 50% since its all-time high of $69,000 in November.
Digital tokens and stocks have fallen closer together since the start of the year, responding to investors’ concerns about how a series of Federal Reserve interest rate hikes will propel the market.
According to data from Coinglass, approximately $465 million in crypto assets have been liquidated in the past 24 hours, with bitcoin trades accounting for a total of $167 million.
(with inputs from agencies)
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