As long as Bitcoin stays over $20,000, cryptocurrency prices have shown flimsy indications of recovery from last week’s collapse. The biggest and most well-known cryptocurrency in the world was up 0.5 percent and trading at $20,466. According to CoinGecko, the market capitalization of all cryptocurrencies fell below $1 trillion today and fell by roughly 1% in the previous day to $940 billion.
On the other side, Ether, the second-largest cryptocurrency and the coin tied to the Ethereum network, fell over 1% to $1,105. Shiba Inu’s price increased by over 21% to $0.000010, while Dogecoin’s price increased by over 7% to trade at $0.06.
Stellar, Uniswap, XRP, Tether, Solana, Polygon, Terra Luna Classic, Litecoin, BNB, and Tron prices were trading with increases over the previous 24 hours, whilst Cardano, Polkadot, Chainlink, and Avalanche sank. The behaviour of other cryptocurrency prices today was uneven.
To increase its liquidity in the midst of the record-breaking bear market, cryptocurrency mining business Bitfarms Ltd. reversed course on its holding strategy and sold 3,000 Bitcoin for $62 million during the previous week, according to Bloomberg.
One of the first purported Bitcoin hoarders to give up collecting mined coins is this one. The Toronto-based firm is the most recent in a long line of public mining firms that have had to sell their crypto assets in order to stay afloat.
As prices have been falling over the previous few months, many Bitcoin investors have been selling in this situation. The coin’s weekend decline sent it to a low point not seen since the end of 2020, about $17,700. According to statistics gathered by CoinShares, the total assets under management for digital-asset investment products decreased by over $39 million this week, reaching their lowest level since February 2021.
Along with other risky investments, digital assets have been falling precipitously all year as central banks across the world have switched to raising interest rates to rein in growing inflation.