On CRYPTOCURRENCIES, Bitcoin price today dipped below the $39,000 level after remaining volatile in recent sessions. The world's most popular and largest cryptocurrency was trading 3% lower at $38,315. The digital token is down 17% in 2022 (YTD) so far. However, it is 30% away from its all-time high of around $69,000 that it reached in November of last year.
Meanwhile, the global cryptocurrency market capitalization remained below the $2 trillion mark as it dipped more than 4% in the last 24 hours to $1.79 trillion, according to CoinGecko.
Ether, the currency tied to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, was also down more than 4% at $2,545. On the other hand, the price of dogecoin also tumbled 4% to $0.12, while Shiba Inu tumbled more than 5% to $0.000023.
Performance of other digital tokens also slowed as Terra, Solana, Polygon gained while Avalanche, Stellar, XRP, Litecoin, Cardano, Polkadot, Uniswap prices traded down in the range of about 2-8% on shares. last 24 hours.
The recent volatility in cryptocurrencies came amid a market sell-off amid rising geopolitical tensions due to the ongoing crisis between Russia and Ukraine. The volatility has also been fueled 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 battles rising inflation.
China reiterated that it would continue its crackdown on crypto speculation in a conference call, Bloomberg reported. The country carried out one of the most comprehensive crackdowns on cryptocurrency trading and mining last May, forcing major cryptocurrency exchanges and mining companies out of the country.
(With contributions from agencies)
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