Bitcoin price plunges, other cryptocurrencies in red

Bitcoin, Ethereum, and most cryptocurrencies dropped as the US Federal Bank is likely to increase interest rates by a half-point.

Bitcoin fell 0.32 per cent and its price plunged below $40,000.

Prices of Bitcoin and Ethereum fell as other cryptocurrencies were trading in the red on Wednesday.

The overall crypto market was down as investors were worried over US monetary policy and an expected rate hike by the US Federal Reserve. Apart from these, the ongoing Russia-Ukraine war and global supply chain issues have also affected investors.

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Bitcoin fell 0.32 per cent and its price plunged below $40,000. Bitcoin’s price was at $38,358.

Ethereum was down by 0.91 per cent. The world’s second largest cryptocurrency by market capitalization fell below $3,000. The price was $2,814.

“Bitcoin, Ethereum, and most cryptocurrencies dropped as the U.S Federal Bank is likely to increase interest rates by a half-point. The current support price for BTC holds at US$37,000 while the resistance stays at US$40,000,” Edul Patel CEO and Co-founder of Mudrex, said.

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Terra was down by 0.33 per cent, XRP fell 1.05 per cent, Solana was down 1.77 per cent, Cardano fell by 0.77 per cent, Avalanche tanked 2.31 per cent, Stellar was down 1.11 per cent.

Other alt coins Dogecoin was down by 0.86 per cent, Shiba Inu fell 0.76 per cent.

“Since the upward momentum has weakened over the past few days, we may see BTC breaking below the support zone. The volatility in the crypto market may continue for the coming few days,” Patel said.

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