New Delhi: Major crypto coins including Ethereum, Binance’s BNB, Solana, Cardano and XRP have fallen sharply in price, wiping nearly $200 billion from the combined crypto market in 24 hours.
According to a report published in Forbes, the price of bitcoin has fallen 10 percent over the past 24 hours, from a low of $40,000 to nearly $38,000, a feat not seen since the summer of 2021. Meanwhile, the price of Ethereum, BNB, Solana. Cardano and XRP are down 7 per cent to 11 per cent.
The sudden sell-off comes with stock markets around the world sinking, with the tech-heavy Nasdaq 100 NDAQ falling into -0.6 percent correction territory as investors face the reality of a more bullish Federal Reserve and higher interest rates.
According to reports, bitcoin price continued its declining trend on Friday, trading below the $39,000 level, fueled by weak investor sentiment. The world’s most popular and largest cryptocurrency by market cap fell more than 7 percent to $38,802. Bitcoin has lost more than 14 percent since the beginning of this year (Year-on-Year or YTD).
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Dragged by declining crypto prices, the cryptocurrency market cap fell more than 5 percent on Friday to $1.98 trillion, below the $2-trillion mark, according to CoinGecko.
Ether, on the other hand, the coin belonging to the Ethereum blockchain and the second largest cryptocurrency moved below the $3,000 mark. According to CoinDesk, it fell more than 8 percent to $2,861. The token gained nearly 400 percent last year, compared to a 60 percent gain for bitcoin, however, it’s down more than 18 percent in January.
The price of Dogecoin also dropped by 8% to $0.15, while the Shiba Inu fell by almost 7% to $0.000026. Similarly, Binance Coin was down 9 percent at $423. Other cryptos such as Cardano fell over 11 per cent, while XRP, Polkadot, Tether, Litecoin Solana, Terra, Stellar were also trading with losses of 3-10 per cent in the last 24 hours.
(with inputs from agencies)
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