Bitcoin, dogecoin, Shiba Inu, the prices of other cryptocurrencies are collapsing today. Consult the latest prices

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The price of bitcoin continued to fall as the digital token fell below $ 57,000 for the first time since October, retreating from record highs. The world’s largest and most popular cryptocurrency was trading more than 6% down to $ 56,328.8. Bitcoin recently hit an all-time high of around $ 69,000 and has grown over 93% this year (year-to-date or year-to-date) so far.

The global crypto market capitalization has fallen to $ 2.6 trillion, according to tracker CoinGecko. Bitcoin has more than doubled this year, while Ether has increased sixfold. The two hit record highs last week amid a fervor for digital assets driven by speculative demand and controversial arguments that they can hedge inflation risks.

“Bitcoin, Ethereum and other major altcoins have remained under wraps for nearly 3 days in a row. Over the daily period, Bitcoin can be seen crossing a channel pattern, frequently retesting the $ 58,000 support. The RSI indicator fell. below 40, a sign that the token is about to be oversold. We might expect a trend reversal soon based on the current scenario and the general optimism surrounding bitcoin, “said Siddharth Menon, COO of WazirX.

Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also fell more than 4% to $ 4,075. The price of ether has traded at an all time high, catching up with the bitcoin rally and benefiting from the news of wider blockchain adoption.

“The two-week bull market suddenly saw corrections from three days onwards. The event was triggered by Twitter chief financial officer Mr Ned, who said he no longer seemed safe to continue investing in crypto. During bull markets, prices go up and sometimes that adds instability until it finds the trigger and it looks like that’s just what happened. On the other hand, crypto markets are slowly growing to become immune to influencers, ”said Sathvik Vishwanath, co-founder and CEO of Unocoin.

Meanwhile, the price of dogecoin plunged more than 5% to $ 0.22 while Shiba Inu also crashed 10% to $ 0.000043. The performance of other cryptocurrencies such as Litecoin, XRP, Polkadot, Uniswap, Stellar, Cardano, Solana have also traded with reductions in the past 24 hours.

(With contributions from agencies)

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