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Cryptocurrency prices fell today with Bitcoin dropping below $37,000 amid escalating tensions between Russia and Ukraine. The world’s largest and most popular cryptocurrency fell more than 6.43 percent to $36693.28. Bitcoin is down about 19 percent in 2022 (YTD) so far, while it’s still more than 46 percent off its record high of about $69,000 in November 2021.
Ether, the coin linked to the Ethereum blockchain and the second largest cryptocurrency by market capitalization, also fell about 7 percent to $2,533.46. Meanwhile, the price of Dogecoin fell more than 7 percent to $0.12, while the price of Shiba Inu also fell about 8 percent to $0.000024. Other altcoins also declined, with Solana, XRP, Terra, Avalanche, Stellar, Cardano, Polygon and Polkadot all trading at discounts in the 5-12 percent range.
Today’s global cryptocurrency market cap remains below $2 trillion, according to CoinMarketCap.com, dropping more than 3 percent at $1.77 trillion, impacted by today’s drop in cryptocurrency prices.
Cryptocurrency prices have fallen since hitting record highs in early November. The latest volatility came amid a broader market sell-off driven by investors resetting their portfolios to the more aggressive Federal Reserve, which is now expected to raise interest rates seven times this year as it battles rising inflation.
Idol Patel, CEO and co-founder, Mudrex said: “BTC support price ranges from $30,000 to $35,000. According to market cap, the top altcoins have also seen growth over the past day. The bearish trend in the cryptocurrency market over the past days is due to the ongoing tension between Russia and Ukraine along with inflation. But today’s growth is a bit of a relief to investors. The coming days will determine whether the winning streak continues or the defenders.”
Russia’s Finance Ministry said Monday that it will take into account proposals on cryptocurrency from the country’s central bank as long as they do not conflict with its own approach, paving the way for legislation governing digital assets.
A heated dispute over cryptocurrency regulation raged in Russia on Friday as the Finance Ministry put forward legislative proposals for the government that clashed with the central bank’s call for a blanket ban.
Here are the top 10 cryptocurrencies and their prices on February 21, 2022 (data from coinmarketcap.com at the time this article was published)
Bitcoin $36,693.78 or 6.43% loss over the past 24 hours
Ethereum $2,533.46 or 7% loss in the last 24 hours
Cardano $0.8354 or 13.25 percent loss over the past 24 hours
Earn $1.00 or 0.01 percent in the last 24 hours
Terra $49.85 or 1.43 percent loss in the last 24 hours
XRP $0.682 or a loss of 13.99 percent over the past 24 hours
Solana $82.80, or a 12.34 percent loss in the past 24 hours
Avalanche of $68.56 or 15.61 percent loss over the past 24 hours
Binance $1.00 or 0.04 percent loss in the last 24 hours
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