Crypto Crash: There is heavy selling pressure in the stock markets around the world. Domestic equity benchmark indices Sensex and Nifty 50 have also fallen flat. On the other hand, the situation of cryptocurrencies like Bitcoin is also not better and its prices have remained only about a third of the record level.
The global market cap has shrunk to $1.02 trillion from $1.10 trillion recorded yesterday.
The world’s largest cryptocurrency by market cap, the price of bitcoin has slipped below $ 22 thousand and today (June 14) once it had slipped below 21 thousand. In just one day, about 14 percent of the investors’ capital in bitcoin has been cleared. The condition of other cryptos also cannot be said to be better and the prices are slipping down in all.
Last year in November 2021, the price of one bitcoin had gone up to $69 thousand, which is its record high price. However, its strength could not last. According to data given on CoinDesk, its low in the last 24 hours is $ 20,834.50, which is less than a third of the record high.
Not only bitcoin but also cryptocurrencies like Ethereum, Tether, USDCoin and Dodgecoin are showing selling pressure. However, among the top 10 cryptocurrencies in the world by market cap, solana and polkadot are showing a buying trend. Given below are the current prices of the top 10 cryptocurrencies as of the time of writing this news.
Please note that the prices of cryptocurrencies are very volatile –
Bitcoin Rs 17.4 lakh
Ethereum Rs 91,907.19
Tether Rs 77.95
USD Coin Rs 78.05
XRP Rs 24.74
Cardano Rs 37.22
Solana Rs 2,295.82
Stellar Rs 8.40
Polkadot Rs 569.03
Dogecoin Rs 4.39
Ethereum has fallen to its lowest level in more than 14 months, trading around $1155. Solana has fallen by more than 15% and is hovering around the $27 mark, according to CoinMarketCap data at the time of writing.
“The crypto market has been under pressure from the Federal Reserve, hiking the interest rates to combat inflation over the past few months. Bitcoin, Ethereum, and most cryptocurrencies suffered losses over the weekend after a broad sell-off following the data showing US inflation hitting a 40-year high,” said Edul Patel Co-Founder and CEO of crypto investment platform Mudrex.
“As investors seem to have panicked, the number of crypto liquidations has been high since Friday. Bitcoin and Ethereum plummeted as much as 7% each and are currently trading at their lowest at US$25,000 and US$1,300. The bearish trend may likely continue in the next coming days,” he added.
Shivam Thakral, CEO of crypto exchange BuyUcoin said that the rising food, gas, and energy prices are putting tremendous pressure on the crypto market as Bitcoin and Ether have witnessed double-digit losses in the past 24 hours.
“After the consumer price index reported the highest inflation since 1981, financial markets across the globe have seen a sharp downturn,” said Thakral.
“The market is expected to remain choppy in the coming weeks and countries around the globe continue to report high inflation numbers. The current dip in the crypto prices allows investors to buy crypto at 2021 prices and we expect the seasoned investors to take advantage of the dip,” he added.
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