Cryptocurrency prices today continued to decline with Bitcoin falling below the $35,000 level. The world’s largest and most popular cryptocurrency was trading more than a per cent lower at $35,940. The global crypto market’s value today slipped over 8% in the past 24 hours to $1.76 trillion, according to pricing from CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also plunged more than 2% to $2,681. Meanwhile, dogecoin price today was trading almost flat at $0.12 whereas Shiba Inu also fell over a per cent to $0.000020.
Bitcoin and ethereum are currently trading more than 40% lower compared to their respective all-time highs. Bitcoin has largely traded in a range of $35,000 to $45,000 this year as the crypto market has been impacted by the Russia-Ukraine crisis, rising inflation and fears of Fed rate hikes.
Other digital tokens’ performance also declined as Solana, Polkadot, Cardano, Uniswap, Terra, XRP, Avalanche, Litecoin, Polygon, Tron, Stellar prices were trading with cuts in the range of 2-6% over the last 24 hours.
Global crypto funds that invest in bitcoin saw the largest weekly outflows since June 2021 at $133 million, in part driven by the hawkish rhetoric from the US Federal Reserve and the recent price decline.
Overall, digital asset investment products or crypto funds saw net outflows totalling $120 million last week (23-29 April), bringing total outflows in this four-week run to $339 million, digital asset manager CoinShares said. Ethereum-based funds saw outflows totalling $25 million last week.
(With inputs from agencies)