Cryptocurrency market updates: After plunging to its lowest level in six months in the previous sessions, Bitcoin rose today. The most valuable cryptocurrency was up slightly at USD36,013 after falling to USD32,951, its lowest level since July 23. Losses from the all-time high of USD69,000 in November have already exceeded 50 percent. Bitcoin is currently down over 21 percent year-to-date in 2022.
According to CoinDesk, Ether, the second largest cryptocurrency and a token tied to the Ethereum network, fell more than 4 percent to USD2,390. Meanwhile, according to CoinGecko, the worldwide cryptocurrency market cap fell over 2 percent to USD 1.71 trillion Wednesday, pulled down by a drop in crypto prices.
The price of Dogecoin dropped nearly 3 percent to USD0.13, while the price of Shiba Inu dropped over 8 percent to USD 0.000021. Over the previous 24 hours, several cryptos like as XRP, Terra, Stellar, Avalanche, Cardano, Solana, and Polygon have all seen price drops.
In recent weeks, cryptocurrency has been subjected to broad selling pressure, with traders citing the Federal Reserve's hawkish signals as well as a selloff in technology stocks as reasons to exit riskier assets. Bitcoin has dropped more than 50 percent since its all-time high of USD 69,000 in November.