Cryptocurrency prices failed to hold on to gains with Bitcoin, the world’s largest and most popular cryptocurrency, trading more than 6% lower at $18.641. The global crypto market cap today remained below the $1 trillion mark, as it was down over 4% in the last 24 hours at $956 billion, as per CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also declined more than 7% at $1,275. Meanwhile, dogecoin price today rose tanked about 5% to $0.05 whereas Shiba Inu fell over 5% to $0.000011.
“The price of Bitcoin has been experiencing volatility in the past 24 hours. BTC rallied to US$20,000 and got rejected, crashing below the US$19,000 level. While buyers tried to defend the crucial support, sellers continued to dominate the market. BTC’s support now lies at US$18,600, while the resistance is at US$19,600. If bulls can make a comeback, we might see BTC touching the US$20,000 mark,” said Edul Patel, CEO and Co-founder of Mudrex, a global crypto investment platform.
On the other hand, “Ethereum also tried to close at $1,500 but has fallen below the US$1,300 level. ETH has been experiencing massive selling pressure since Merge. It is because of the ‘sell the news’ sentiment among investors and the lack of regulatory clarity after shifting the consensus mechanism to PoS. ETH’s immediate support now lies at US$1,200, while resistance is at $1,300,” he added.
Other crypto prices’ today performance also tumbled as Solana, Polygon, Avalanche, Binance USD, Polkadot, Litecoin, Cardano, Chainlink, Tron, Tether, Terra and Terra Luna Classic prices were trading with cuts over the last 24 hours, however, XRP, Stellar, ApeCoin slipped.
The downturn occurred as US stocks turned lower, with the S&P 500 on pace for a sixth session of losses. Global financial markets have been gripped by volatility as central banks continue to promise that they’re going to keep raising interest rates to fight inflation that’s proven stickier than many had thought. Cryptocurrencies and US stocks have been trading largely in tandem throughout the year as both have been swayed by proclamations and actions by global central banks.
(With inputs from agencies)
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