Cryptocurrency Price Today: The global cryptocurrency market continued to decline rapidly as the dollar index reached a two-decade high and bearish sentiment from the markets continued to prevail. The cryptocurrency market fell below the $1 trillion mark for the first time since January last year, imitating losses in stock markets that saw a dip after high inflation data released by the US last week. The global cryptocurrency market stood at $924.91 billion, declined a whopping 9.81 percent during the day, and dropped from its $3 trillion peak seven months ago.
“What started out as a sell-off in traditional markets eventually led to a massive contagion effect across multiple sectors of the economy, not sparing crypto either. Growing expectations of a sharper interest rate hike from the Federal Reserve to fight inflation has led to an evaporation of investor risk appetite across the board, with numerous indices officially entering a bear market,” the CoinDCX research team said.
According to the WazirX trading desk, “Market sentiment has fallen to a new fear level of 8, the lowest in nearly 2 years. The crypto markets could lose more ground if the Dollar Index remains strong and the stock market continues to correct.”
“The main reason for the predominant negative sentiment is renewed fears that the US FED will have to take tough measures to curb inflation,” added Darshan Bathija, CEO and co-founder of Vauld.
Bitcoin fell again that day to its lowest level since December 2020, trading at $21,000 after nearly two years. Bitcoin price fell 14.28 percent today and stands at $21,948.90 at the time of writing this article as anxious traders opted for a massive sell-off. Ethereum, on the other hand, fell to a record low this year. Ether price fell 14.92 percent today and stands at $1,158.96 at the time of writing this article. Of all the major cryptocurrencies, Bitcoin and Ethereum were the hardest hit, losing 25.84 percent and 33.99 percent respectively in a week.
“Bitcoin and the general Crypto markets were bleeding heavily, with BTC dropping more than 10 percent in one day and falling below the $21K level as the Dollar Index (DXY) continues to strengthen. The weekly trend for BTC is below the triangle pattern broken and has fallen below the latest support of $24,000. The next immediate and major support is expected at $19,000,” the WazirX trading desk said.
“There is a sharp carnage in the crypto markets and the community is in dire need. Bitcoin and other tokens have a bit of comfort to offer the investors. It’s havoc to be exact. Bears are in ruckus mode and crypto investors have no refuge now that Bitcoin has taken a bit of a hit. If it drops below $20,000, it might get even uglier and investors should brace themselves for the worse price action.” Kunal Jagdale, founder and CEO of BitsAir Exchange.
Here are the top 10 cryptocurrencies and their prices as of June 14, 2022 (according to data from coinmarketcap.com)
Bitcoin $21,948.90 or 14.28 percent loss in the last 24 hours
Ethereum $1,158.96 or 14.92 percent loss in the last 24 hours
Tether $0.9987 or 0.04 percent loss in the last 24 hours
USD Coin $1.00 or 0.02 percent loss in the last 24 hours
BNB $218.12 or 9.53 percent loss in the last 24 hours
Binance USD $1.00 or 0.03 percent loss in the last 24 hours
Cardano $0.4727 or 1.09 percent loss in the last 24 hours
XRP $0.3142 or 5.26 percent loss in the last 24 hours
Solana $28.26 or 2.41 percent loss in the last 24 hours
Dogecoin $0.0547 or 9.42 percent loss in the last 24 hours
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