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Bitcoin plunges below the $42,000 level

Bitcoin plunges

The world’s largest cryptocurrency was trading over 5% lower at $41,383

Bitcoin’s price today plunged below the $42,000 level after rising over the past two days. The world’s most popular and largest cryptocurrency was trading over 5% lower at $41,383. The digital token is down about 10% in 2022 year-to-date so far. However, it is more than 30% far away from its record high of near $69,000 it had hit in November last year.

Meanwhile, the global cryptocurrency market capitalisation today plunged below the $2 trillion mark, as it was down over 5% in the last 24 hours at $1.91 trillion, as per CoinGecko.

Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, declined over 7% to $2,727. On the other hand, dogecoin price also tanked 5$ at $0.12 whereas Shiba Inu also plummeted more than 5% to $0.000025.

The performance of other digital tokens also declined as Terra, Solana, Polygon gained while Avalanche, Stellar, XRP, Litecoin, Cardano, Polkadot, Uniswap prices were trading with cuts in the range of 2-8% over the last 24 hours.

Some of the world’s biggest cryptocurrency exchanges are staying put in Russia, breaking ranks with mainstream finance in a decision that experts say weakens Western attempts to isolate Moscow following the invasion of Ukraine. Binance had said cardholders of sanctioned Russian banks would not be able to use them on their platform and confirmed that sanctioned individuals have had their access restricted.

The recent volatility in cryptocurrencies has come amid a broader market selloff amid escalating geopolitical tensions due to the ongoing Russia-Ukraine crisis. The volatility has also been driven by investors recalibrating their portfolios to account for a more aggressive Fed, which is now expected to raise rates as many as seven times this year as it fights surging inflation.

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