BTC hits lowest price since 2020 while ETH nears $2000 as the entire market drowns in red today. So let’s read more in our latest cryptocurrency news today.
Ethereum’s price has fallen 10% in the past 24 hours to take it below $2100 for the first time since July 2021, while BTC hits its lowest price since 2020, extending its losses by 7% $28,170, which equals $28,170 is the lowest level since December 2020, when it was in the middle of the New Year’s Day rally. In what appeared to be the crypto market’s worst weeks, BTC and ETH lost 28% and 30% of their value, respectively, over the past week. Terra’s LUNA lost 99% of value over the past week as Terra’s UST stablecoin lost its peg and took over the top 10 asset, placing it behind EOS in market cap.
Apecoin entered the bear market and lost two-thirds of its value, and last week’s Fantom value resulted in a 65% plunge. ETH and BTC are by far the leaders by cap and together they account for two-thirds of the total crypto market cap value. The market cap is shrinking as it has fallen 12% over the past day and is now at $1.24 trillion, its lowest level this year. The crypto meltdown is happening in tandem with falling stock prices. The NASDAQ and Dow Jones Industrial Average have continued their downward movements since the Federal Reserve’s decision last week to raise interest rates and scale back monetary expansion. The Fed’s goal is to combat high inflation by making borrowing more expensive.
Bitcoin-exposed stocks are taking quite a hit and could expect a lot more, as Coinbase recently reported on the gains. There is a huge sell-off in the market that causes BTC to fall below $30,000 and also triggers collateral damage to the share prices of the other listed companies with high exposure to the crypto markets. While stock prices overall plummet amid the market turmoil, the carnage has been brutal for companies like PayPal, Coinbase, and Block, all of which have invested in crypto. NASDAQ indexes are down about 5.5% over the past five days, while the corresponding figure for Coinbase represents a staggering 35% drop.
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