Bitcoin price today continued to fall by dropping most in a month. The digital token fell about 5% to $43,205. The world’s largest and most popular cryptocurrency is down more than 6% in 2022 (year-to-date or YTD) so far. The declines in the digital tokens mirrored a broad equities selloff.
The correlation coefficient between the Bitcoin and US stocks have climbed in the past 90 days as investors grow more risk adverse with the Federal Reserve pulling back on the pandemic era stimulus that is credited for helping to fuel the rise of crypto.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, also tanked more than 5% to $3,179. Meanwhile, dogecoin price plummeted by over 12% to $0.14 whereas Shiba Inu was trading nearly 8% lower at $0.000024.
The performance of other digital tokens also declined with Litecoin, Stellar, Cardano, Solana, Polkadot, Terra, Polygon, Uniswap prices were trading with cuts in the range of about 4-10% over the last 24 hours. The global cryptocurrency market capitalisation was above the $2 trillion mark even as it plunged to $2.09 trillion, down more than 5% change in the last 24 hours, as per CoinGecko.
Bitcoin briefly surpassed $48,000 in late March to erase losses since year-end, spurring optimism that it would break out of the tight trading range in which it had been mired. Ether had been outperforming Bitcoin during the rebound due to its upcoming technical upgrade scheduled later this year.
(With inputs from agencies)
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