Cryptocurrency price today: The global cryptocurrency market continued to fall rapidly as the dollar index hit a two-decade high and bearish market sentiment continued to prevail. The cryptocurrency market fell below the $1 trillion mark for the first time since January last year, mimicking losses in stock markets which tumbled following high inflation data released by the United States last week. The global cryptocurrency market stood at $924.91 billion, down a massive 9.81% during the day, and down from its all-time high of $3 trillion ago. seven months.
“What started as a sell-off in traditional markets eventually led to a massive contagion effect across multiple sectors of the economy, with crypto not spared either. Growing expectations of a sharper hike in interest rates from the Federal Reserve to fight inflation have led to an evaporation of investor risk appetite across the board, with many indices officially entering a market bearish,” the CoinDCX research team said.
According to trade desk WazirX, “Market sentiment has fallen to a fresh fear level of 8, the lowest in nearly 2 years. Crypto markets could lose further ground if the Dollar Index remains strong and the stock market continues to correct.
“The main reason for the widespread negative sentiment is due to renewed fears that the US FED must take tough action to curb inflation,” added Darshan Bathija, CEO and co-founder of Vauld.
Bitcoin plunged again on the day to its lowest level since December 2020 and traded at the $21,000 mark after nearly two years. The price of Bitcoin today fell 14.28% to $21,948.90 at the time of writing as fearful traders opted for a selloff. Ethereum, on the other hand, fell to an all time high this year. Ether price was down 14.92% today, to $1,158.96 at the time of writing. Of all the major crypto coins, Bitcoin and Ethereum were the hardest hit and lost 25.84% and 33.99% respectively in one week.
“Bitcoin and the broader crypto markets have been bleeding heavily, with BTC dropping more than 10% in a single day and falling below the $21,000 level as the Dollar Index (DXY) continues to strengthen. BTC’s weekly trend broke below the triangle pattern and fell below its latest support at $24,000. The next immediate and key support is expected at $19,000,” trade desk WazirX said.
“There is acute carnage in the crypto markets and the community is in great distress. Bitcoin and other tokens have a bit of comfort to offer investors. It’s a havoc to be exact. The bears are in heckling mode and crypto investors have no safe haven now that Bitcoin has taken a bit of a hit. If it falls below $20,000, things could get uglier and investors should prepare for the worst price action. », Kunal Jagdale, founder and CEO of BitsAir Exchange.
Here are the top 10 cryptocurrencies and their prices as of June 14, 2022 (According to data from coinmarketcap.com)
Bitcoin $21,948.90 or 14.28% loss in the last 24 hours
Ethereum $1,158.96 or 14.92% loss in the last 24 hours
Tether $0.9987 or 0.04% loss in the last 24 hours
USD Coin $1.00 or 0.02% loss in the last 24 hours
BNB $218.12 or 9.53% loss in the last 24 hours
Binance USD $1.00 or 0.03% loss in the last 24 hours
Cardano $0.4727 or 1.09% loss in the last 24 hours
XRP $0.3142 or 5.26% loss in the last 24 hours
Solana $28.26 or 2.41% loss in the last 24 hours
Dogecoin $0.0547 or 9.42% loss in the last 24 hours
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