Cryptocurrency prices have fallen today with Bitcoin falling below the $37,000 level amid mounting tensions between Russia and Ukraine. The world’s largest and most popular cryptocurrency fell more than 6.43 percent to $36,693.28. Bitcoin is down about 19 percent so far in 2022 (year-to-date or YTD), while still more than 46 percent from its all-time high of nearly $69,000 it reached in November 2021.
Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency in terms of market cap, also fell about 5 percent to $2,590. Meanwhile, Dogecoin price crashed more than 7 percent to $0.12 while Shiba Inu also plummeted about 8 percent to $0.000024. Other coins’ performance also declined as Solana, XRP, Terra, Avalanche, Stellar, Cardano, Polygon and Polkadot prices traded with cuts in the 5-12 percent range.
Global cryptocurrency market cap remained below $2 trillion today, according to CoinMarketCap.com, as it fell more than 3 percent to $1.77 trillion, swept up by the decline in crypto prices today.
Crypto prices have fallen since hitting record highs in early November. Recent volatility is the result of a broader market sell-off, driven by investors recalibrating their portfolios to account for a more aggressive Fed, now projected to raise interest rates as much as seven times this year to combat rising inflation. .
Edul Patel, CEO and co-founder of Mudrex, said: “BTC’s support price ranges from $30,000 to $35,000. By market cap, the top altcoins also saw growth in the past day. The downward trend in the crypto market in recent days has been “due to ongoing tension between Russia and Ukraine in addition to inflation. But today’s growth comes as a small relief to investors. The coming days would determine whether the winning streak continues or becomes fullbacks.”
Russia’s finance ministry said on Monday it would consider proposals on cryptocurrencies from the country’s central bank as long as they do not contradict its own approach, paving the way for legislation related to digital assets.
A simmering dispute over cryptocurrency regulation in Russia flared up Friday as the Treasury Department submitted legislative proposals to the government that contradicted the central bank’s demand for a blanket ban.