The cryptocurrency price declined today as bitcoin plunged below the $38,000 level. The world’s largest and most popular cryptocurrency fell nearly 1.9% to $37,673. Bitcoin is down about 19% so far in 2022 (Year-to-date or YTD), while it is still more than 46% away from its all-time high of $69,000 in November 2021.
Bitcoin fell to a more than two-week low as fears of a possible Russian invasion of Ukraine prompted some analysts to predict that the largest cryptocurrency could head towards the key $30,000 level.
Bitcoin fell below the $40,000 level over the weekend and continued to weaken as the Ukraine crisis deepened, undermining the argument that the cryptocurrency is a haven in times of geopolitical turmoil.
Ether, the coin tied to the Ethereum blockchain and the second largest cryptocurrency by market capitalization, also fell nearly 3.3% to $2,594.59. Meanwhile, the price of Dogecoin is down by more than 6% to $0.129778, while the Shiba Inu is also down nearly 7.2% to $0.00002457. The performance of other coins was also trading higher with the prices of Solana, XRP, Terra, Avalanche, Stellar, Cardano, Polygon, Polkadot cutting 5-12%.
According to CoinGecko, the global cryptocurrency market capitalization remained below $2 trillion today, as it was up more than 3% to $1.77 trillion, dragged down by the collapse in crypto prices today.
Crypto prices have fallen since hitting record highs in early November. The recent volatility comes amid a broader market sell-off, prompting investors to rebalance their portfolios to account for the more aggressive Fed, which is now expected to raise rates by up to seven times this year as it Fights rising inflation.
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