Bitcoin price today continued the declining trend by trading below $39,000 level, hit by investors’ weakening sentiment. The world's most popular and largest cryptocurrency by market value tanked over 7% to $38,802. Bitcoin has slipped more than 14% since the start of this year (year-to-date or YTD).
Meanwhile, the global cryptocurrency market cap today plummeted over 5% to slip below the $2 trillion mark at $1.98 trillion, as per CoinGecko, dragged by the crash in crypto prices today.
On the other hand, Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, went below the $3,000 mark. It plunged more than 8% at $2,861, as per CoinDesk. The token surged about 400% last year, compared with a gain of 60% for Bitcoin, however, it is down over 18% in January.
Similarly, Dogecoin price also fell over 8% to $0.15 whereas Shiba Inu fell about 7% to $0.000026. Similarly, Binance Coin was lower at $423, down 9%. Other cryptos like Cardano plummeted over 11% whereas XRP, Polkadot, Tether, Litecoin Solana, Terra, Stellar were also trading with cuts in the range of 3-10% over the last 24 hours.
The crypto industry has faced several regulatory pushbacks in the recent days, as scepticism toward the rapid growth of the digital assets spreads across the globe.
Crypto exchanges are set to be a primary focus of the US Securities and Exchange Commission’s crackdown on digital assets in 2022. Russia's central bank may also work on proposing a ban on Bitcoin mining and crypto trading activity, as reported by Bloomberg.
Crypto funds witnessed fifth straight week of outflows, said the digital asset manager CoinShares' report, as digital asset investment products saw net outflows of $73 million for the week ended 14 January.
(With inputs from agencies)
