Cryptocurrency prices today plunged after ether and Bitcoin reached their highest levels in 10 days on Sunday as the market showed some signs of stabilization. The world’s largest and most popular cryptocurrency plunged a per cent and was trading at $21,115. The global cryptocurrency market cap today was below the $1 trillion, and was down over a per cent in the last 24 hours to $993 billion, as per CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, fell more than a per cent at $1,218. Meanwhile, dogecoin price today was trading 10% higher at $0.07 whereas Shiba Inu tanked over 2% to $0.000011.
Other crypto prices’ today performance also declined as XRP, Tether, Solana, BNB, whereas Stellar, Litecoin, Polygon and Tron prices were trading with cuts over the last 24 hours, however, Uniswap and ApeCoin gained.
Cryptocurrencies have suffered this year amid Federal Reserve rate hikes and stubbornly high inflation. Ether is still down more than 60% this year, even after rallying from its extreme lows.
Coinbase Global Inc., Crypto.com, Gemini Trust and BlockFi Inc. are among the crypto companies to have announced swaths of layoffs, citing the general macroeconomic downturn for derailing their previously ever-expanding plans. The collapse of the Terra/Luna ecosystem and continued concern about hedge fund Three Arrows Capital Ltd. have further rattled investors.
After crypto’s last two-year hibernation ended in 2020, the sector spiked to around $3 trillion in total assets last November, before plunging to less than $1 trillion. Cryptocurrencies had been moving for months in the same direction as stocks as investor appetite for risk assets ebbed on growing fears about an economic downturn.
India’s largest digital assets exchanges are bracing for a drawn-out crypto winter. With token prices plummeting, customers unable to transfer money to their accounts and a dreaded transaction tax on cryptocurrencies just around the corner, exchanges like Binance-backed WazirX have put expansion plans on the back burner, reported Bloomberg.
(With inputs from agencies)