Cryptocurrency prices have plummeted today, with altcoins like Cardano and Avalanche plummeting more than Bitcoin. The world's most valuable digital token fell more than 7% to USD39,416, marking the first time since March 16 that the largest cryptocurrency by market capitalization has fallen below USD40,000.
Ether, the second-largest cryptocurrency by market value, was also down more than 6%, falling below USD3,000 for the first time. Over the previous 24 hours, Dogecoin and Shiba Inu have lost approximately 10% of their value, while other tokens such as Avalanche, Cardano, Solana, Terra, and XRP have lost 6-11 percent of their value. According to CoinGecko, the global cryptocurrency market cap decreased 6% today to USD1.93 trillion.
According to David Duong, head of institutional research at Coinbase Global Inc., investors are dumping cryptocurrencies ahead of the US tax deadline in mid-April, a replay of events that occurred in 2021. In a recent note, he stated, "We noticed market players selling digital assets to meet tax-related obligations last year." Investors are also turning away from riskier investments as the Federal Reserve rises interest rates, he said.
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