Home » Cryptocurrency » Bitcoin Falls Below $20,000, Dogecoin, Ether Other Crypto Prices Crashed Today; Litecoin boom

Bitcoin Falls Below $20,000, Dogecoin, Ether Other Crypto Prices Crashed Today; Litecoin boom

Bitcoin Falls Below $20,000

Cryptocurrency prices fell today, with bitcoin sliding below $20,000 amid concerns about the Fed’s rate hike path. The world’s largest and most popular cryptocurrency traded at $19,848, down more than 1%. According to CoinGecko, the global crypto market capitalization fell below the $1 trillion mark today as it fell more than 2% to $994 billion in the past 24 hours.

On the other hand, Ether, the Ethereum blockchain-pegged coin and the second largest cryptocurrency, fell more than 2% to $1,453. Ether was outperforming the broader crypto market in recent weeks amid optimism about a pending network software update called Merge.

“Bitcoin fell below its threshold level after staying above $20,000 for most of the weekend. After a few weeks of sustained gains, BTC faced rejection at the $25,000 level last week as it headed towards a bearish trend formed a wedge. Overall, the underlying sentiment indicates a decline in the coming week,” said Edul Patel, CEO, and co-founder of global crypto investment platform Mudrex.

Meanwhile, the Dogecoin price was trading down 2% today at $0.06, while the Shiba Inu was down one percent at $0.0000012. Today’s performance of other cryptocurrency prices declined as Chainlink, Epcoin, XRP, Uniswap, Tron, Stellar, Binance USD, Polygon, Solana, Polkadot, Avalanche, and Tether have declined in the past 24 hours. , while Litecoin rose about 4%. ,

Cryptocurrencies mirrored global markets and declined after Jerome Powell warned against premature policy easing. Federal Reserve Chairman Powell noted that the US central bank would continue to raise interest rates to moderate inflation and leave them high for some time and dismissed any assumptions that the Fed would change course soon.

Cryptocurrencies have struggled during the first half of the year as the Federal Reserve raised rates to combat extremely high inflation. Following the collapse of a major token pair, some cryptocurrency lenders halted customer withdrawals, and several crypto firms cut jobs.

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