In cryptocurrencies, Bitcoin price today plunged below $31,000 level after rising above the mark in the previous session. The world’s largest and most popular cryptocurrency plunged more than 3% and was trading at $30,173. The digital token is down more than 34% so far this year (YTD), and is trading far below its record high of $69,000 it had hit in November last year.
Investor concerns about tighter monetary policy and tougher regulations have dueled with optimism that Bitcoin may have found a bottom to keep the cryptocurrency in a tight range around $30,000.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, fell about 2% to $1,792. Meanwhile, dogecoin price today was also trading 2% lower at $0.07 whereas Shiba Inu also down over a per cent to $0.000011. The global cryptocurrency market cap today is $1.29 trillion, down more than 2% in the last 24 hours.
Other digital tokens’ performance also declined as Cardano, Stellar, Uniswap, XRP, Litecoin, Tron, Tether, Solana, Polkadot, Avalanche, Polygon, Chainlink, Terra Luna Classic prices were trading with cuts over the last 24 hours.
Cryptocurrency prices have been in a slump this year as the Federal Reserve withdraws stimulus and hikes rates to combat inflation, with Bitcoin losing more than a third of its value this year, and others, including Ether, shedding 50%.
In another news, PayPal Holdings this week said it will allow users to transfer certain cryptocurrencies to other customers, exchanges and external wallets. The feature comes nearly two years after the fintech giant opened up its platform to digital currencies.
PayPal started allowing customers to buy, sell and hold bitcoin, ethereum, bitcoin cash and litecoin in October 2020. But users were not allowed to move crypto holdings off its platform earlier.
(With inputs from agencies)
