Cryptocurrency prices today plunged with Bitcoin falling below the $37,000 level amid intensified tensions between Russia-Ukraine. The world’s largest and most popular cryptocurrency declined more than 6.43 per cent to $36,693.28. Bitcoin is down about 19 per cent in 2022 (year-to-date or YTD) so far whereas, it is still over 46 per cent far away from its record high of near $69,000 it hit in November 2021.
Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, also fell about 5 per cent to $2,590. Meanwhile, Dogecoin price crashed over 7 per cent to $0.12 whereas Shiba Inu also plummeted about 8 per cent to $0.000024. The performance of other coins also tanked as Solana, XRP, Terra, Avalanche, Stellar, Cardano, Polygon, Polkadot prices were trading with cuts in the range of 5-12 per cent.
The global cryptocurrency market capitalization today remained below the $2 trillion, as per CoinMarketCap.com, as it was down over 3 per cent at $1.77 trillion, dragged by the fall in crypto prices today.
Crypto prices have tumbled since reaching record highs in early November. The recent volatility has come amid a broader market selloff driven 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 fights surging inflation.
Edul Patel, CEO and Co-founder, Mudrex, said: “BTC’s support price ranges between US$30,000 to US$35,000. According to the market cap, the top altcoins also witnessed a growth over the past day. The downward trend in the crypto market over the past days is due to the ongoing tension between Russia and Ukraine alongside inflation. But today’s growth comes as a little relief to the investors. The coming days would determine if the winning streak continues or fullbacks.”
Russia’s finance ministry on Monday said it would take proposals on cryptocurrencies from the country’s central bank into account so long as they do not contradict its own approach, paving the way for legislation governing digital assets.
A simmering dispute over cryptocurrency regulation in Russia heated up on Friday as the finance ministry submitted legislative proposals to the government that clashed with the central bank’s demand for a blanket ban.
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