Bitcoin, Ether Continue to Fall While Dogecoin, Shiba Inu, Other Cryptos Rise

Bitcoin, renowned for its volatility, has fallen by more than $26,000 since hitting a record nearly $69,000 in early November. The cryptocurrency is down more than 7% in the past seven days.

“The market crash resulted in the liquidation of more than $900 million worth of BTC in the past 24 hours. However, many long-time investors have taken advantage of the opportunity as one of the third-largest bitcoin whales closed their doors via Binance. Another 551 bitcoins have been added to the kitty. On the daily time frame, BTC can be seen moving within a descending channel pattern. $40,000 is the next major support,” said Siddharth Menon, COO of WazirX.

Ether, the coin tied to the Ethereum blockchain and the second-largest cryptocurrency, also fell nearly 4% to $3,380, according to CoinDesk. On the other hand, the price of Dogecoin gained almost 0.4% to $0.15, while the Shiba Inu gained more than 2% to $0.000031. Meanwhile, Binance Coin was almost flat at $470.

Cryptos like Solana, Polygon, Uniswap, Stellar, Cardano, XRP, Tether, Litecoin among other digital tokens have also improved in performance with gains in the last 24 hours. According to CoinGecko, the global crypto market capitalization slipped 2% at $2.17 trillion.

The recent volatility in cryptocurrencies comes during a volatile period for the financial markets. Rising inflation is forcing central banks to tighten monetary policy, threatening to ease the liquidity tailwind that has lifted a wide range of assets.

Digital asset manager CoinShares said in a recent report that global crypto-themed funds saw a record net inflow of $9.3 billion in 2021, a 36% increase over 2020 as institutional adoption for crypto assets hit a breakout year. increased.

(with inputs from agencies)