Cryptocurrency market update: Bitcoin, Ethereum, Dogecoin, Shiba Inu take a hit

On the first trading day of the week, a mixed effect is seen in the cryptocurrency market. The price of Bitcoin, the world's largest cryptocurrency, is falling. There is also a drop in the price of Ethereum. Also on the decline are Dogecoin and Shiba Inu. Currently, the global cryptocurrency market is below $2 trillion.

The price of bitcoin, the world's largest cryptocurrency, is trading below the $41,000 level today Monday. The digital token is trading down 2.3 percent at $40,917 (as of 11:15 a.m.). The world's largest and most popular cryptocurrency is down nearly 11% (year-to-date) so far in 2022. That's about 30% less than the record $69,000 Bitcoin reached in November of last year. . The global cryptocurrency market capitalization is $1.95 trillion.

Ethereum and other cryptocurrencies

The world's second largest cryptocurrency, Ethereum, also fell more than 2 percent to $2,857. The Dogecoin price fell almost 3 percent to $0.11, while the Shiba Inu dropped around 4.5 percent to trade at $0.000022. Other digital tokens like Polygon, Litecoin, Stellar, Uniswap, Solana, Polygon, Polkadot, Cardano also decreased in performance over the last 24 hours, while Tera increased more than 2 percent.

why the volatility

Cryptocurrencies have been engulfed by the same forces that have affected other risk assets, including US stocks, this year. The recent volatility in cryptocurrencies comes amid a market sell-off stemming from geopolitical tensions sparked by the crisis between Russia and Ukraine. On the other hand, the US Federal Reserve has raised interest rates. The Federal Reserve has made it clear that interest rates will be raised in the next 6 Fed meetings.

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Last updated March 21, 2022, 11:25 am IST