Bitcoin price today slipped below $34,000 and was trading nearly 2% lower at $33,948. The global crypto market’s value today slipped over 3% in the past 24 hours to $1.65 trillion, according to pricing from CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also plunged more than 3% to $2,499. Meanwhile, dogecoin price today was trading almost a per cent lower at $0.12 whereas Shiba Inu also fell over 5% to $0.000018.
Other digital tokens' performance also declined as Solana, Polkadot, Cardano, Uniswap, Terra, XRP, Avalanche, Polygon, Stellar prices were trading with cuts in the range of 2-5% over the last 24 hours, whereas Tron surged more than 4%.
Bitcoin has largely traded in a range of $35,000 to $45,000 this year as the crypto market has been impacted by the Russia-Ukraine crisis, rising inflation and fears of Fed rate hikes.
Bitcoin has been largely trading in tandem with tech stocks. The 90-day correlation coefficient of Bitcoin and the tech gauge now stands above 0.67, the highest such reading in Bloomberg data going back to 2010. A coefficient of 1 means the assets are moving in lockstep, while minus-1 would show they’re moving in opposite directions.
(With inputs from agencies)
