Cryptocurrency price

Cryptocurrency prices today: Top cryptocurrency prices today: Bitcoin, Ethereum, Dogecoin, Shiba Inu drop up to 6%

New Delhi: The cryptocurrency market was trading lower on Friday, helped by the sharp sell-off in US markets on inflation concerns and the US Fed’s hawkish tone.

With the exception of the dollar-pegged USD Coin and Avalanche, all eight of the top 10 digital tokens were trading lower on Friday. Shina Inu, Solana and Terra dropped 6% each.

The global crypto market cap fell more than 3% to $2.01 trillion. On the other hand, the total crypto market volume soared 50% to $114.22 billion.

What’s cooking in India
Private crypto assets or virtual digital currencies pose a major threat to the macroeconomic and financial stability of a country, Reserve Bank of India (RBI) Governor Shaktikanta Das said at a press conference.

“I said that investors are their own judge. It is my duty today to tell investors that when betting on cryptos, they should be aware that they are investing at their own risk. Cryptocurrencies have no underlying (value), not even a tulip,” Das said.

India’s crypto community, reacting to central bank governor Shaktikanta Das’ statement that private cryptocurrencies pose a big threat to India’s financial and macroeconomic stability, said crypto assets could help unlock innovation, job creation and the country’s economic potential.

Expert grip
Bitcoin has fallen over the past 24 hours. The downtrend could be linked to the fall in US stocks following hawkish comments from the Federal Reserve. BTC is close to reaching the overbought level, said Edul Patel, CEO and co-founder of Mudrex.

“BTC dominance stands at 41% and resistance holds at $46,000. The second largest cryptocurrency, Ethereum, is currently trading at $3,000. By market cap, major cryptos also ran in the red over the last day”. he added.

Global Updates

  • Coinbase Global has removed ‘how to buy’ instructions for at least three crypto tokens that have been subject to ‘carpet mining’ warnings that investors could lose their money, saying on Thursday it plans to improve guarantees.

  • The price of Flow’s FLOW token jumped rapidly as a new officially licensed mobile game featuring the 2022 Beijing Winter Olympics was launched on the network this week.

  • Separately, the total value of crypto-related mergers and acquisitions (M&A) rose to $55 billion in 2021 from $1.1 billion a year earlier, according to a report by PricewaterhouseCoopers (PwC).

  • Additionally, Fitch, the global rating agency, lowered El Salvador’s long-term foreign currency issuer default (IDR) rating to CCC from B-weeks before the country began issuing its bitcoin bond. .