New Delhi: Prices of major crypto coins, including ethereum, Binance’s BNB, solana, cardano, and XRP, have fallen sharply, wiping around $200 billion from the combined crypto market in 24 hours.
According to a report published in Forbes, the bitcoin price has crashed 10 per cent over the past 24 hours, dropping under $40,000 to around $38,000, a level not seen since the summer of 2021. Meanwhile, the price of ethereum, BNB, solana, cardano, and XRP have plunged between 7 per cent and 11 per cent.
The sudden sell-off comes as stock markets around the world sink, with the tech-heavy Nasdaq 100 NDAQ -0.6 per cent falling into correction territory as investors face up to the reality of a more hawkish Federal Reserve and higher interest rates.
According to reports, Bitcoin price on Friday continued the declining trend by trading below $39,000 level, hit by investors’ weakening sentiment. The world’s most popular and largest cryptocurrency by market value tanked over 7 per cent to $38,802. Bitcoin has slipped more than 14 per cent since the start of this year (year-to-date or YTD).
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The cryptocurrency market cap on Friday dropped over 5 per cent to slip below the $2-trillion mark at $1.98 trillion, according to CoinGecko, dragged by the crash in crypto prices.
Ether, on the other hand, the coin linked to ethereum blockchain and the second-largest cryptocurrency, went below the $3,000 mark. It dropped over 8 per cent at $2,861, according CoinDesk. The token surged about 400 per cent last year, compared with a gain of 60 per cent for Bitcoin, however, it is down over 18 per cent in January.
Price of Dogecoin also fell over 8 per cent to $0.15 whereas Shiba Inu fell about 7 per cent to $0.000026. Similarly, Binance Coin was lower at $423, down 9 per cent. Other cryptos like Cardano plummeted over 11 per cent whereas XRP, Polkadot, Tether, Litecoin Solana, Terra, Stellar were also trading with cuts in the range of 3-10 per cent over the past 24 hours.
(With inputs from agencies)