Cryptocurrency Price Today: Bitcoin, Ether Down Over 2%, Shiba Inu Down 8%

Ether, on the other hand, is the coin linked to the Ethereum blockchain and the second largest cryptocurrency, also fell nearly 3% to $1,280. Meanwhile, the price of Dogecoin is down 5% today to $0.05, while the Shiba Inu is down more than 8% to $0.00010.

“Bitcoin (BTC) is down 2% over the past 24 hours, indicating that sellers are trying to consolidate their positions by pulling the price below the uptrend line. If they manage to regain power, we will be able to hold on to BTC.” ETH could drop to $18,125 and then the support level of $17,622. Ethereum, on the other hand, also declined by over 4% and now sits at $1,200. ETH is down more than 65% year to date. If ETH If there is a break below current levels, selling could accelerate, falling to the support line,” said Edul Patel, CEO and co-founder of global crypto investment platform Mudrex.

Today’s performance of other crypto prices also declined as Avalanche, Binance USD, Polkadot, Cardano, Chainlink, Tether, Apcoin, Solana, Litecoin, XRP, Stellar, Terra, Polygon, Stellar, Tron, Uniswap price cut in the last 24 was doing business with. hours.

Global markets have plunged over the past few months as central banks around the world raised interest rates to curb rising inflation. Risk assets such as cryptocurrencies have been particularly hard hit as bearish fears mount.

The amount of computing power devoted to bitcoin mining rose to a record high as more companies used energy and data center space following the Ethereum network upgrade, which could further reduce profit margins.

Mining difficulty, a measure of the computing power of bitcoin miners for the blockchain, has risen 13.6% in the two weeks ended Monday. It was also the biggest bi-weekly adjustment since last May. According to a Bloomberg report, the increase is partly due to the decline of ether mining.

(with inputs from agencies)