Bitcoin, Ethereum, Others Dip on Retail Selloffs
Bitcoin, Ethereum and other digital assets in the top category by market valuation fell in the low single-digit percentage range as of Wednesday, according to market data.
The crypto market has been reacting negatively to the Russia-Ukraine war but holds steady except for unquantifiable uncertainties in the global economy.
A large number of investors are holding off even when the market trades in red and deep pocket corporates are buying the dip. Data from cryptotreasuries shows that 29 public and 4 private companies own 399,146 units of Bitcoins as of today.
Also, 12 companies own 212,875 Ethereum.
Today, Bitcoin (BTCUSD), the largest cryptocurrency by market value, retreated 0.7% in the past 24 hours to $41,160, according to CoinDesk data. Trading volume was at $26.51 billion, down 1.1%.
The oldest cryptocurrency is currently more than 10% lower year-to-date, compared with a 6% drop for the S&P 500 Index.
Ethereum (ETH), the second-largest digital asset, was trading 1.4% lower at $3,055, whereas XRP (XRPUSD), the fourth-largest, decreased 3.2% to $0.74.
Tether (USDTUSD) and USD Coin (USDCUSD), two stablecoins pegged to the US dollar, were each trading 0.02% and 0.01% lower from their value 24 hours ago.
Meanwhile, Terra (LUNAUSD) and Polkadot (DOTUSD), the 5th- and 10th-largest digital assets, were trading 0.8% and 0.4% higher, respectively.
The cryptocurrency industry’s total market capitalization reached $2.003 trillion, little changed in the past 24 hours, according to CoinGecko data. # Bitcoin, Ethereum, Others Dip on Retail Selloffs