Cryptocurrency prices today plunged with Bitcoin trading below the $44,000 level in what has been a volatile week for the digital tokens. The world’s largest and most popular cryptocurrency was down nearly 3% at $43,144. Bitcoin is down about 6% in 2022 (year-to-date or YTD) so far.
Bitcoin is down about 35% since it peaked at almost $69,000 in November last year as risk aversion grows with the Federal Reserve and other global central banks starting to tighten financial conditions and remove pandemic-era liquidity from the system.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, also declined over 5% to $3,064. Similarly, Binance Coin dipped about 2% to $413.
Dogecoin price was trading 6% lower at $0.15 whereas Shiba Inu tanked over 8% to $0.000030. The performance of other coins were mixed as Stellar, Avalanche, Cardano, Polygon, XRP, Polkadot, Solana, Terra, Stellar prices were trading with cuts over the last 24 hours.
Meanwhile, the global cryptocurrency market capitalisation today remained above $2 trillion, as per CoinGecko, even as it was down 3% at $2.06 trillion, dragged by fall in crypto prices today.
The crypto market marked the third week of inflows totaling $133 million last week, according to a report from digital asset manager CoinShares. Bitcoin led all inflows, with $71 million, the largest since early December and the third straight week of inflows, with a total of $108 million. Ether posted net outflows of $8.5 million in the week ended February 4, its 9th straight week of outflows, totaling $280 million.
(With inputs from agencies)
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