Cryptocurrency prices fell today Bitcoin Monday traded below the $49,000 level after a brutal weekend in which the world’s largest and most popular digital token lost more than a fifth of its value at a time. The price of bitcoin fell by 3% today to $48,130. Similarly, Ether and other cryptos also declined. According to CoinGecko, the global crypto market cap fell 5% to $2.33 trillion.
The price of Ether is down more than 4% to $4,062, while Dogecoin is down 6% to $0.16 and the Shiba Inu is down more than 8% to $0.0000034. On the other hand, Litecoin, XRP, Polkadot, Uniswap, Cardano, Solana, Polygon were also trading with cuts in the last 24 hours.
The volatility in cryptocurrency comes amid 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.
The sell-off also comes ahead of testimony from executives from eight major cryptocurrency firms, including Coinbase Global CFO Alessia Haas and FTX Trading CEO Sam Bankman-Fried, before the US House Financial Services Committee on December 8.
For the first time, major players in the cryptocurrency market will testify before US lawmakers, as policymakers grapple with the implications of cryptocurrencies and how to best regulate them. Last week, the US Securities and Exchange Commission (SEC) rejected WisdomTree’s second spot-bitcoin exchange-traded fund proposal.
Bitcoin, known for its volatility, has lost more than $21,000 since its record low in early November, but is still up more than 65% this year.
(with inputs from agencies)
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