Bitcoin Falls 7.4% To $40,632 Ether Shiba Inu Plunge Over 7%

Bitcoin Falls 7.4% To $40,632 Ether Shiba Inu Plunge Over 7%

The Bitcoin dropped 7.4% to $40,631.78 at 2205 GMT on Thursday, down $3,248.05 from its previous close.

Bitcoin, the world’s biggest and best-known cryptocurrency, is down 15.3% from the year-to-date high of $47,989 set on Jan. 2.

Ether, the cryptocurrency linked to the Ethereum blockchain network, fell 7.43 % to $2,891.32 on Thursday, down $231.92 from its previous close.

The global cryptocurrency market capitalization today fell below $2 trillion, as per CoinGecko, as it was down over 6% at $1.95 trillion.

Dogecoin price was trading more than 5% lower at $0.14 whereas Shiba Inu plunged about 7% to $0.000029.

The performance of other coins declined with Avalanche Stellar, Solana, Cardano, Polygon, XRP, Polkadot, Terra, Stellar prices were also trading with cuts in the range of 5-9% over the last 24 hours.

Bitcoin Falls 7.4% To $40,632 Ether Shiba Inu Plunge Over 7%

Bitcoin Falls 7.4% To $40,632 Ether Shiba Inu Plunge Over 7%

The recent volatility in cryptos has come amid a broader market selloff driven by investors recalibrating their portfolios to account for a more aggressive Fed, which is now expected to raise rates as many as seven times this year as it fights surging inflation.

On Wednesday, the US Federal Reserve released minutes from the committee’s January meeting, which reinforced its intention to act swiftly to quell rising inflation with tightening monetary policy.

Bitcoin, which exhibits a strong correlation to movements in the US stock indexes lately, even gained with the S&P 500 in the minutes following the memo’s release, reported Bloomberg.

International Monetary Fund (IMF) Managing Director Kristalina Georgieva on Tuesday said unbacked cryptocurrencies will be no match for prudently designed central bank digital currencies (CBDCs).

Commenting about Bitcoin’s price outlook, WazirX Trade Desk said, “Bitcoin continued to hold steady around the $44,000 level.

Currently, the RSI for BTC is close to 60, which indicates a strong position. On the 4-hourly time frame, the Bitcoin trend movement is within a triangle pattern.

The next resistance is expected at $46,500 and immediate support is expected at $39,300.”

Ether, the second-largest cryptocurrency by market capitalization lost significantly in the last 24 hours.

The cryptocurrency tumbled 1.27 percent to #3,125.77 in a day, according to CoinMarketCap. “Ethereum held its position above the $3,100 level for the second day in a row. On the weekly chart.

Ethereum trend indicates a re-testing of the support level.

The next resistance for Ethereum is expected at $3,400.

Meanwhile, Twitter enabled users to receive and send tips in Ethereum which is another huge step in terms of large corporations’ eagerness in adopting cryptocurrencies,” WazirX trade desk said.

Tether, XRP, Dogecoin all other popular cryptocurrencies extended loss in the last one day.

Tether dropped 0.01 percent to settle at $1.00.

Bitcoin Falls 7.4% To $40,632 Ether Shiba Inu Plunge Over 7%

BNB saw a sharp decline of 1.06 percent to $428.24. XRP was down by 0.27 per cento $0.8354.

Cardano, another popular cryptocurrency lost 1.11 percent to $1.09.

Solana dropped 2.94 percent, the highest among the top 10 cryptocurrencies to $100.48.

“Russia’s next military moves continue to be closely watched worldwide as investors remain partially skeptical of a complete de-escalation of the initial tensions.

Coupled with the many uncertainties of rising interest rates and quantitative tapering, the macroeconomic environment continues to be an extremely precarious one.

Unsurprisingly, risk-on assets like equities and crypto have remained relatively rangebound, with speculators unwilling to take a directional view.

On a broader-term basis, however, fund inflows from institutional investors into crypto indicate clear optimism on digital assets being the future of our global economy,” said CoinDCX.

The risk of Russian aggression against Ukraine would remain high for the rest of February and Russia could still attack Ukraine “with essentially no, or little-to-no, warning,” according to a senior Western intelligence official, Reuters mentioned.

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