Cryptocurrency prices fell today with bitcoin trading below the $44,000 level in a volatile week for the digital token. The world’s largest and most popular cryptocurrency is down 3.7% to $43,577. Bitcoin is down about 6% so far in 2022 (Year-to-Date or YTD).
Bitcoin is down nearly 35% since it peaked around $69,000 in November last year as the Federal Reserve and other global central banks began tightening financial conditions and draining pandemic-era liquidity from the system Was.
On the other hand, Ether, the coin tied to the Ethereum blockchain and the second largest cryptocurrency in terms of market capitalization, also declined 3.4% to $3,100.2. Similarly, Binance Coin fell nearly 2.7% to $414.
Dogecoin price was trading down 2.7% at $0.152592 while Shiba Inu was trading higher by 1.9% at $0.00003172. Other coins such as Stellar, Avalanche, Cardano, Polygon, XRP, Polkadot, Solana, Terra also performed poorly, with prices trading lower in the last 24 hours.
Meanwhile, according to CoinGecko, the global cryptocurrency market capitalization remains above $2 trillion today, even though it was down 3.2% from $2.07 trillion, dragged down by the collapse in crypto prices today.
According to a report by digital asset manager CoinShares, the crypto market last week marked the third week of a total inflow of $133 million. Bitcoin led all inflows with $71 million, the largest and third straight week of inflows since the beginning of December, with a total of $108 million. Ether posted a net outflow of $8.5 million in the week ended February 4, taking its 9th straight week of outflows to a total of $280 million.
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