Cryptocurrency Price Drop: Bitcoin Drops 5%; Dogecoin, Shiba Inu Tank 10% Each

Ether, on the other hand, is the coin linked to the Ethereum blockchain and the second largest cryptocurrencyalso fell more than 6% to $1,191.

“Most cryptocurrencies continued to decline over the weekend as markets reacted to the latest news surrounding the FTX hack. Bitcoin and Ethereum are still trading in the red, after a week of turmoil. Selling has maintained this sentiment. BTC is back at the $16,000 level. If the bulls can hold BTC above the current level, we could see a move towards $17,000. Otherwise, it is likely that BTC The $15,500 level could be reached soon. The second largest cryptocurrency, Ethereum, is down almost 6% in the last 24 hours. ETH also broke its monthly support at $1245, which shows the strength of the sellers in the market. ETH now has support at $1100 and $1000, while resistance lies at $1254,” said Edul Patel, CEO and co-founder of Mudrex.

Meanwhile, the price of Dogecoin was trading almost 10% lower today at $0.08, while Shiba Inu was also down 10% to $0.000008. Other crypto price performance also declined today as Binance USD, Avalanche, Solana, Tether, XRP, Terra, Tron, Litecoin, Appcoin, Polygon, Cardano, Stellar, Chainlink, Uniswap, Polkadot with price cuts in the last 24 hours Was doing business.

The crypto market lost nearly $200 billion in value just last week as the collapse of FTX CEO Sam Bankman-Fried’s crypto empire impacted investor confidence in digital assets.

FTX is the latest cryptocurrency company to come under financial pressure this year as the crypto asset has plummeted in value. Other failures include a company such as Celsius, a bank that took crypto deposits in exchange for yield, as well as an Asia-based hedge fund known as Three Arrows Capital.

The views and recommendations given above are those of individual analysts or broking companies and not of Mint.

(with inputs from agencies)