In cryptocurrencies, Bitcoin price today was a per cent higher at $35,630, having fallen as low as $34,000 on Saturday, its lowest level since July 2021 after a turbulent week for the digital tokens. The world’s largest cryptocurrency has nearly halved in value since its record peak of $69,000 hit in November 2021.
Meanwhile, the global cryptocurrency market cap today gained slightly to $1.74 trillion, as per CoinGecko, supported by a slight uptick in the crypto prices today.
The sell-off hurt most digital assets, and ether, the world’s second-largest cryptocurrency also halved hit its lowest level since July on Saturday, which was $2,300. Though, it was up 0.5% today at $2,450. Similarly, Binance Coin was at $371, up over 1%.
“Ethereum slid to $2,300 and other Altcoins followed suit taking a huge beating. Ethereum against Bitcoin weakened in the last couple of days. The daily trend pattern continues to trade within the ascending channel pattern. Immediate support is expected at 0.0658. The RSI went below 30 for the 1st time since December 2020,” said Siddharth Menon, COO of WazirX.
Dogecoin price surged over 2% to $0.13 whereas Shiba Inu fell marginally to $0.000022. The performance of other cryptos were mixed as XRP, Terra, Stellar, Avalanche were trading with gains whereas Cardano, Solana, Polygon slipped over the last 24 hours.
Cryptocurrencies and stocks have fallen together since the start of the year, responding to investor worries about how a series of expected Federal Reserve interest-rate increases will ripple through markets.
And the case for further caution was reinforced on Friday. Bloomberg News reported that the US President Biden’s administration is preparing to release an initial government-wide strategy for digital assets as soon as next month and will ask federal agencies to assessing the risks and opportunities they pose.
(With inputs from agencies)
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