Cryptocurrency prices today continued to extend losses with Bitcoin trading below the $32,000 level. The world’s largest and most popular cryptocurrency plunged more than 8% to $30,677. The global crypto market’s value today tanked over 10% in the past 24 hours to $1.49 trillion, according to pricing from CoinGecko.
Bitcoin slumped below $30,000 for the first time since July 2021 on Tuesday as cryptocurrencies track sinking markets with investors spooked by aggressive US monetary tightening and surging inflation. The digital token’s value has more than halved since a November surge that saw the token hit a record of nearly $69,000.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also declined more than 6% to $2,307. Meanwhile, dogecoin price today was trading 11% lower at $0.10 whereas Shiba Inu also plummeted over 15% to $0.000015.
Other digital tokens’ performance also tumbled as Solana, Polkadot, Cardano, Uniswap,Tron, XRP, Avalanche, Polygon, Stellar prices were trading with cuts in the range of 10-20% over the last 24 hours with Terra falling the most as it crashed over 58% to $25.3.
“Bitcoin, Ethereum, and most cryptocurrencies continued to dip as investors and institutions paused following the hike in interest rates. There are chances that we may also see BTC fall towards $30,000. Due to rising macroeconomic factors, the downward trend is likely to continue for the next few days,” said Edul Patel, Co-Founder & CEO, Mudrex.
The crypto swoon comes as tightening monetary policy to combat runaway inflation curbs liquidity, turning investors away from speculative assets across global markets.
(With inputs from agencies)
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