Crypto prices selloff continues as Bitcoin, ether fall up to 10% today

Market


Crypto selloff resumed with losses in US equities also snowballing, a day after the Federal Reserve raised interest rates by the most in decades. Bitcoin price today plunged over 8% and trading at $20,567. The world’s largest crypto is down more than 54% so far this year (YTD), and is trading far below its record high of $69,000 it had hit in November last year.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, declined over 10% at $1,085. Meanwhile, dogecoin price today was also trading more than 7% lower at $0.05 whereas Shiba Inu also fell 5% to $0.000008. The global cryptocurrency market cap today tanked back below $1 trillion to $937 billion, down about 8% in the last 24 hours.

Other crypto prices’ today performance also declined as Stellar, Uniswap, XRP, Tether, Solana, Polkadot, Avalanche, Polygon, Chainlink, Terra Luna Classic, Cardano, Litecoin, and Tron prices were trading with cuts in the range of 3-11% over the last 24 hours.

Cryptocurrencies and other risk assets have been under pressure, with the S&P 500 on Thursday falling to its lowest close since the end of 2020, and the tech-heavy Nasdaq 100 dropping 4%. It’s happening as the Federal Reserve raises interest rates to combat red-hot inflation, creating an unfavorable environment for speculative areas of the market. The prolonged downturn has led to a drop of more than $1 trillion in crypto market value this year.

Last month’s collapse of the Terra blockchain and the recent decision by crypto-lender Celsius Network Ltd. to halt withdrawals have also taken a toll, while a tweet this week from the co-founder of crypto hedge fund Three Arrows Capital fueled speculation that it had suffered large losses.

All sorts of pockets in crypto have been beset by negative developments. A number of firms in the space have announced layoffs and hiring freezes, and many market-watchers are expecting further price declines.

(With inputs from agencies)

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