Crypto Price Today: Bitcoin falls below $22k; Solana, Polkadot slip up to 5%

He cryptocurrency Markets were trading in the red on Wednesday after aggressive comments from Federal Reserve Chairman Jerome Powell raised the possibility of the US central bank raising rates again to tackle inflation.

Bitcoin (BTC) fell 2.08% to $21,998, while Ethereum (ETH) was below the $1,600 level. BTC volume in the last 24 hours stood at approximately $24.12 billion, increasing 53.88% in the last 24 hours.

“Over the past 24 hours, many cryptocurrencies have experienced a decline after Fed Chairman Jerome Powell made aggressive statements on interest rate hikes. If BTC falls below the current level, the next level would be $19,000," Edul Patel, Mudrex Co-founder and CEO, said.

“Similarly, Ethereum is trading in tandem with BTC and is currently in the red zone. ETH is currently trading at US$1,555 and its next support level is US$1,450. Given the aggressive feedback and uncertainties surrounding to Silvergate Bank, traders and investors may need time to analyze and understand the situation," added Edul.

Other major crypto tokens were also trading lower. Solana fell by 5.4%. dogecoin, Litecoin, Cardano and Polkadot were also trading on haircuts. The global cryptocurrency market capitalization was trading lower around $1.01 trillion, falling 1.96% over the past 24 hours.

The total volume in DeFi is currently 3.78 billion, 8.20% of the total 24-hour volume of the crypto market. The volume of all stablecoins is now at $42.58 billion, which is 92.36% of the total 24-hour volume of the crypto market.

The market capitalization of Bitcoin, the world's largest cryptocurrency, was around $425.02 billion. Bitcoin dominance is currently at 42.17%, down 0.07% over the day, according to CoinMarketCap.Crypto Cart: Quick Look (Fountain: coinmarketcap.comdata as of 11:56 a.m. IST 08 Mar 2023)

Bitcoin $21,998 -2.08%

Ethereum $1,552 -1.28%

Mooring $1 -0.01%

BNB $286.41 -0.50%

XRP $0.3766 1.45%

Dogecoin $0.07307 -2.97%

Cardano $0.3236 -2.50%

Polygon $1.13 -2.20%

Polka dots $5.70 -4.10%

Tron $0.0663 -1.39%

Litecoin $84.97 -3.58%

Shiba Inu $0.00001083 -3.21%

Solana $19.64 -5.43%

(Note: price change in the last 24 hours)

(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are my own. These do not represent the views of The Economic Times)