Bitcoin price plummets.same way with other cryptocurrencies!
Bitcoin price plummets
Bitcoin price plummets.same way with other cryptocurrencies!.The price of Bitcoin, the king of cryptocurrencies, plummeted today. The price of Bitcoin fell 7.73 percent and now stands at $ 25,000. At the same time other cryptocurrencies, including the second largest cryptocurrency Ethereum, are also looking down.
Ethereum 9.66 per cent, Dojicoin 12 per cent, Shiba Inu 7 per cent, XRP 6 per cent, Cardano 10 per cent, Solano 12 per cent, Stellar 8 per cent, Polcadot 9 per cent, Avalanche 12 per cent and Polygon 13 per cent. .
Inflation in the US has reached a 40-year high and the Federal Reserve raising interest rates over the past few months has put severe pressure on the crypto market. Idul Patel, CEO, Mudrex, a crypto investment platform, said the trend would continue for a few more days.
Bitcoin price plummets (Analysis)
Bitcoin price fell below $ 21,000 on Wednesday – its lowest level since December 2020 – after the release of the main inflation report on Friday and a week of falling prices. Inflation rose to 8.6% in May, the fastest rise since December 1981, and no signs of abating at any time.
The leading cryptocurrency has been trading in a relatively tight range for several weeks as the crypto and stock markets struggled to regain any notable upward momentum after a wide-ranging sell-off in May.
The crypto market has increasingly monitored the stock market recently, making it even more interconnected with macroeconomic factors, experts say. Ethereum followed a similar pattern.
Bitcoin down 17% to $ 23,000 as $ 200 billion clears crypto market over the weekend.Meanwhile, a cryptomen lending company called Celsius suspended options for its customers, raising concerns about contagion in the wider market.
According to data from CoinMarketCap.com, the market capitalization of cryptocurrencies fell below $ 1 trillion for the first time since February 2021.