Bitcoin, ether continue to fall while dogecoin, Shiba Inu, other cryptos rise

Bitcoin, famous for its volatility, has lost more than $ 26,000 since hitting a record high of nearly $ 69,000 in early November. The cryptocurrency is down more than 7% in the last seven days.

“The markets crash saw the liquidation of BTC worth more than $ 900 million in the last 24 hours. However, many long-time investors seemed to seize this opportunity, as one of the third largest Bitcoin whales added another 551 Bitcoin to its kitty, via Binance. On the daily time frame, BTC can be seen moving within a descending channel pattern. $ 40,000 is the next key support, "said Siddharth Menon, COO of WazirX.

Ether, the ethereum blockchain-linked currency and the second-largest cryptocurrency, also plunged nearly 4% to $ 3,380, according to CoinDesk. On the other hand, Dogecoin prices increased by around 0.4% to $ 0.15, while Shiba Inu rose more than 2% to $ 0.000031. Meanwhile, Binance Coin was almost flat at $ 470.

The performance of other digital tokens also improved with cryptocurrency trading such as Solana, Polygon, Uniswap, Stellar, Cardano, XRP, Tether, Litecoin with gains in the last 24 hours. The global crypto market capitalization fell 2% to $ 2.17 trillion, according to CoinGecko.

Recent shifts in cryptocurrencies come amid a volatile period for financial markets. Rising inflation is forcing central banks to tighten monetary policy, threatening to reduce the liquidity boost that lifted a wide range of assets.

Global crypto funds witnessed record net inflows of $ 9.3 billion in 2021, a 36% increase over 2020, as institutional adoption grew in a highly successful year for crypto assets, said digital asset manager CoinShares. in a recent report.

(With contributions from agencies)