Bitcoin Drops Below $40,000, Ether, Dogecoin, Solana, and Other Crypto Prices Also Crash Today

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Bitcoin price continued its downward trend today as it traded below the $40,000 level hit by weakening investor sentiment. The most popular and largest cryptocurrency in the world by market value fell 5% to $39,749. Bitcoin has slipped more than 10% since the start of this year (YTD or YTD).

Meanwhile, the global cryptocurrency market capitalization fell more than 5% today to below the $2 trillion mark at $1.98 trillion, according to CoinGecko, driven by falling prices. of crypto today.

On the other hand, Ether, the coin linked to the Ethereum blockchain and the second largest cryptocurrency, fell below the $3,000 mark. It plunged more than 7% to $2,914, according to CoinDesk. The token jumped around 400% last year, compared to a 60% gain for Bitcoin, however, it is down more than 18% in January.

Similarly, the price of Dogecoin also fell over 7% to $0.15, while Shiba Inu fell around 6% to $0.000026. Similarly, Binance Coin was down at $423, down 9%. Other cryptos like Cardano fell over 11% while XRP, Polkadot, Tether, Litecoin Solana, Terra, Stellar were also trading with declines in the range of 3-10% in the past 24 hours.

The crypto industry has faced several regulatory pushbacks in recent days as skepticism over the rapid growth of digital assets spreads across the globe.

Crypto exchanges are expected to be one of the main targets of the US Securities and Exchange Commissions digital asset crackdown in 2022. The Russian central bank may also propose a ban on Bitcoin mining and trading activities crypto, as reported by Bloomberg.

Crypto funds saw a fifth consecutive week of outflows, digital asset manager CoinShares’ report said, as digital asset investment products saw net outflows of $73 million for the week ended May 14. January.

(With agency contributions)

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