In cryptocurrencies, Bitcoin price today sank to a one-week low on Tuesday, buffeted by nervousness ahead of a looming Federal Reserve interest-rate hike and amid harsher regulatory scrutiny of the cryptocurrency sector. The cryptocurrency continued to linger near the closely watched $21,000-22,000 price level.
The world’s largest and most popular cryptocurrency dipped more than 4% to $21,069. The global cryptocurrency market cap today was back above the $1 trillion mark, even as it was down more than 5% in the last 24 hours to $1.01 trillion, as per CoinGecko.
“Bitcoin started the week on a lower note. It fell below the $22,000 level on Monday as the sentiment in the crypto market turned bearish. This could be due to the uncertainty over the upcoming Federal Open Market Committee’s meet up, which can impact the prices in the market. A decisive move below the current level may take BTC to US$19,000. But, if buying interest rises, we may see BTC trading at the US$23,000 level soon,” said Edul Patel, CEO and co-founder of crypto investing platform Mudrex.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, fell more than 7% to $1,418. Meanwhile, dogecoin price today was trading nearly 4% lower at $0.06 whereas Shiba Inu also tumbled over 7% to $0.000010.
Other crypto prices’ today performance also declined as XRP, Solana, BNB, Litecoin, Stellar, Chainlink, Tron, Apecoin, Avalanche, Polkadot, Polygon, Tether, Uniswap prices were trading with cuts over the last 24 hours.
Rising interest rates and high-profile meltdowns like that of crypto hedge fund Three Arrows Capital have pummeled digital tokens this year. Bitcoin is down 55% over the period. The turmoil is leading to ever greater regulatory oversight of the industry.
Meanwhile, Coinbase Global Inc is facing a US Securities and Exchange Commission (SEC) probe into whether it improperly let Americans trade digital assets that should have been registered as securities, Bloomberg News reported on Monday. The probe by the SEC’s enforcement unit predates the agency’s investigation into an alleged insider trading scheme that was revealed last week.
(With inputs from agencies)
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