Bitcoin Dips Below $44,000 as Digital Assets Fall
After Fed’s minutes that reinforce a 50 basis points hike in May is possible, Cryptocurrencies market capitalisation declined to $2.10 trillion as major crypto assets were dumped in the market- mostly by retail investors.
Today’s slowdown was driven by price decline in Bitcoin, Ethereum and others – sustaining previous selling rallies witnessed in the market amidst uncertainties in the global economy.
Market data shows that most of the major 20 digital assets retreated as of Wednesday late afternoon, along with US equity markets while the dollar trades healthier against major currencies.
Bitcoin (BTC-USD), the largest cryptocurrency by market value, was trading at $43,789, down 4.7% in the past 24 hours. Trading volume was at $37.93 billion, up 23%, CoinMarketCap data showed.
The oldest cryptocurrency is currently 5% down year-to-date, compared with a 6% drop for the S&P 500 Index while total market capitalisation printed at $2.015 trillion.
Ethereum (ETH-USD), the second-largest digital asset, fell 6.3% to $3,232, whereas Terra (LUNA-USD), the fourth-largest, decreased 5.5% to $109.63.
Fifteen additional digital assets on the CoinDesk 20 list, which accounts for 99% of the market by volume at eight of the largest exchanges, logged losses in the low single- to low double-digit percentage range.
The day’s top loser was Dogecoin (DOGE-USD), the 12th-largest digital asset, with a 12% decline.
Tether (USDT-USD) and USD Coin (USDC-USD), two stablecoins pegged to the United States dollar, were each trading 0.01% lower from their value 24 hours ago. READ: Bitcoin Pushing Towards Fresh All-Time Highs
The cryptocurrency industry’s total market capitalization slid nearly 6% in the past 24 hours to $2.115 trillion, according to CoinGecko data. #Bitcoin Dips below $44,000 as Digital Assets Fall
