The cryptocurrency price continued a declining trend today with bitcoin falling below the $35,000 level. Bitcoin has fallen the most since January as financial markets rallied in the face of growing bearish concerns. According to CoinGecko, the value of the global crypto market today fell by 4.5% in the last 24 hours to $1.66 trillion.
Bitcoin Trading was down 3.8% at $34,508.96 in early hours today, fueling concerns that slide risk could push the largest cryptocurrency out of the range it has traded for most of the year. Terra saw a massive 13.5% drop during trading at $65.58 in the early hours of Sunday.
Additionally, the coin linked to Ether, ethereum The blockchain and the second largest cryptocurrency also fell 4.8% to $2,545.29. Meanwhile, Dogecoin price was trading down 1.2% at $0.12 today while the Shiba Inu was also down 4.9% at $0.0001887.
It is important to note that cryptocurrencies have been weighed down by overall risk, which has swept global markets, although central banks are battling inflation while trying to control stimulus added during the COVID pandemic. Bitcoin is down more than 20% so far this year.
Meanwhile, on Friday earlier this week, bitcoin fell nearly 1% to $36,077, touching its lowest level since February and closing down nearly 6.3% from last Friday. The digital asset has brought in roughly between $33,000 and $48,000 in the year. The last time it traded below $32,000 was in July. Ether, Avalanche and Solana also declined this week.
According to data from Coinglass, around $475 million in bitcoin long positions were liquidated in a 24-hour period. Bitcoin fell nearly 8% on Thursday, its biggest one-day drop since January.
Bitcoin is trading largely in tandem with tech stocks – both the coin and the tech-focused Nasdaq 100 reached all-time highs in November and have been on volatile downsides since. The Nasdaq 100 fell for the fifth consecutive week.
(with inputs from agencies)