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Cryptocurrency price today: Globalism Cryptocurrency The market continued to decline rapidly as the dollar index reached its highest level in two decades and the bearish sentiments of the markets continued to dominate. The Cryptocurrency market It fell below the $1 trillion mark for the first time since January of last year, to mimic losses in stock markets that have seen slumps in the wake of soaring inflation data from the United States last week. The Global cryptocurrency market It was standing at $924.91 billion, down 9.81 percent on the day, and down from its peak of $3 trillion seven months ago.
“What initially started as a sell-off in traditional markets eventually led to a massive contagion effect across multiple sectors of the economy, while also not bailing out cryptocurrencies. Rising expectations of more aggressive Fed rate hikes to combat inflation have evaporated appetite,” said the CoinDCX research team. Investors are taking risks across the board, with many indicators officially entering a bear market.
According to trade desk WazirX, “Market sentiment has dropped to a new fear level of 8, the lowest in nearly two years. Cryptocurrency markets may lose more ground if the dollar index remains strong and the stock market continues to correct.”
“The main reason for the prevailing negative sentiment is renewed fears that the US Federal Reserve will have to take drastic measures to curb inflation,” added Darshan Batega, CEO and co-founder of Fold.
Bitcoin is down on the day again to its lowest level since December 2020, trading at the $21,000 mark almost two years later. Today, Bitcoin is down 14.28 percent to $21,948.90 at the time of writing as frightened traders opt for mass selling. On the other hand, Ethereum has fallen to a record low this year. Today, the price of Ether is down 14.92 percent, standing at $1,158.96 at the time of writing. Among all the major cryptocurrencies, Bitcoin and Ethereum were the hardest hit, dropping 25.84 percent and 33.99 percent, respectively, in a week.
“Bitcoin and the Crypto markets in general are on the back foot with BTC dropping more than 10 percent in one day and dropping below $21,000 as the Dollar Index (DXY) continues to consolidate. BTC’s weekly trend broke below the triangle pattern and fell below Its recent support is at $24,000. The next immediate and major support is expected to reach $19,000,” WazirX Trading Desk said.
“There is a massive carnage in the crypto markets and society is in dire straits. Bitcoin and other tokens are providing some relief to investors. It’s a mess to be exact. Bears are in melee mode and crypto investors have no recourse now that Bitcoin has taken a slight hit. If it drops To below $20,000, things could get uglier and investors should prepare for the worst price action.
Here are the top 10 cryptocurrencies and their prices on June 14, 2022 (according to data from coinmarketcap.com)
Bitcoin $21,948.90 or 14.28% loss in the last 24 hours
Ethereum $1,158.96 or a loss of 14.92 percent in the last 24 hours
Tie $0.9987 or 0.04 percent loss in the last 24 hours
USD 1.00 or 0.02% loss in the last 24 hours
BNB $218.12 or 9.53% loss in the last 24 hours
Binance $1.00 or 0.03 percent loss in the last 24 hours
Cardano $0.4727, or 1.09 percent loss over the past 24 hours
XRP $0.3142, or 5.26 percent loss over the past 24 hours
Solana $28.26, or 2.41 percent loss over the past 24 hours
Dogecoin $0.0547 or 9.42 percent loss over the past 24 hours
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