Cryptocurrency prices today were lower with Bitcoin continued to trade below the $42,000 level as the world’s most popular and largest cryptocurrency by market value slipped marginally lower at $41,669. Bitcoin price is down nearly 10 % since the start of the new year. Meanwhile, the global crypto market capitalization declined over 1% to $2.04 trillion, as per CoinGecko.
Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, plunged over 2% at $3,059, as per CoinDesk. On the other hand, Dogecoin prices plummeted about 5% to $0.14 whereas Shiba Inu was up over 6% to $0.000026. Meanwhile, Binance Coin also fell more than 2% at $423.
The performance of other digital tokens were mixed with cryptos like Solana, Cardano, XRP, Litecoin, Polkadot, Polygon, Stellar, Uniswap trading with cuts over the last 24 hours, whereas Terra, Binance USD gained.
Cryptocurrency investment products and funds had net outflows in first week of 2022, totaling a record $207 million, a report from digital asset manager CoinShares showed. The sector has experienced four consecutive weeks of outflows since mid-December, reaching a total of $465 million, or 0.8% of total assets under management.
A policy tightening by the Fed is a negative factor for risk assets such as cryptocurrencies because of tighter liquidity conditions and increased market volatility.
Bitcoin, the world’s largest cryptocurrency in terms of market capitalization, posted outflows of $107 million in the week to January 7. Ethereum-based products had outflows of $39 million last week, posting five straight weeks of outflows with a total of $200 million.
(With inputs from agencies)
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