Cryptocurrency prices: Bitcoin, Ethereum in red
In the world of cryptocurrencies, the price of Bitcoin fell below $31,000 today after reaching beyond the threshold the previous session. The world’s largest and most popular cryptocurrency fell more than 3% to $30,173. The digital coin has lost more than 34% year to date (YTD) and is trading well below its all-time high of $69,000 set in November of last year.
Investor fears about tighter monetary policy and more restrictions have been countered by the confidence that Bitcoin has struck a bottom, keeping the cryptocurrency in a tight range of around $30,000.
On the other side, Ether, the second-largest cryptocurrency and the token tied to the Ethereum network, lost roughly 2% to $1,792. Meanwhile, the price of dogecoin was down 2% to $0.07 today, while the price of Shiba Inu was down 1% to $0.000011. The market capitalization of all cryptocurrencies is at $1.29 trillion, down more than 2% in the previous 24 hours. Cardano, Stellar, Uniswap, XRP, Litecoin, Tron, Tether, Solana, Polkadot, Avalanche, Polygon, Chainlink, Terra Luna Classic, and other digital assets have all seen their values drop in the previous 24 hours.
As the Federal Reserve removes stimulus and raises rates to battle inflation, cryptocurrency values have plummeted, with Bitcoin losing more than a third of its value this year and others, such as Ether, dropping 50%.
PayPal Holdings said this week that users would be able to send specific cryptocurrencies to other customers, exchanges, and external wallets. The addition comes nearly two years after the fintech behemoth made digital currencies available on its platform.
In October 2020, PayPal began enabling clients to purchase, trade, and hold bitcoin, Ethereum, bitcoin cash, and litecoin. Previously, though, users were not able to take their crypto assets off the platform.
