The worldwide cryptocurrency market capitalization is at $909.1 billion, down from $947.8 billion on Tuesday.
For several crypto companies, the repercussions of Bitcoin (CRYPTO: BTC) plunging below pre-pandemic prices have been devastating, with some risking insolvency. Due to the company's illiquidity, Celsius, a crypto lending firm, banned withdrawals earlier this week, citing extreme market conditions.
The company said on Tuesday that it had recruited restructuring counsel from the law firm Akin Gump Strauss Hauer & Feld LLP to help it figure out how to fix its financial problems.
Bitcoin, the most popular cryptocurrency, is down an additional 4.88% in the last 24 hours after dropping more than 5% on Tuesday. The coin that once traded at $69,000 is priced at $21,406.35.
Let’s take a peek at some of the other top cryptos.
Ethereum (CRYPTO: ETH)
The popular altcoin used mainly for the purchase of NFTs is buoyant, floating around 52-week lows. The coin is trading at $1,127.87.
Solana (CRYPTO: SOL)
The “fast, secure, and scalable” coin fell 2.36% in the last 24 hours, trading at $29.44 on Wednesday.
BNB (CRYPTO: BNB)
Binance’s native coin is trading 5.02% lower to $214.48.
Dogecoin (CRYPTO: DOGE)
The ever-popular altcoin is trading 4.37% lower to $0.053.
“Concerns around a sharp tightening of monetary policy are weighing on financial markets and are trickling down into cryptocurrencies through their influence on large institutional investors,” FxPro senior market analyst Alex Kuptsikevich told CoinDesk.
“It is not surprising that bitcoin and ether are dragging the entire cryptocurrency market down in such an environment."
