Cryptocurrency prices today declined with Bitcoin slipping below the $41,000 level. The world’s largest and most popular cryptocurrency plunged more than 2% to $40,765. The global crypto market’s value today fell over a per cent in the past 24 hours to $1.99 trillion, according to pricing from CoinGecko.
“Bitcoin corrected marginally to slip down close to $40,000 in the last few hours as exchanges saw significant selling volumes with the crypto markets weakening, overall. The drop in the BTC price could, most likely, be due to traders booking profits The 2-hourly trend for BTC can be seen breaking below the ascending triangle pattern. An immediate support for BTC is expected at $37,600,” said Siddharth Menon, COO, WazirX.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency also tanked more than 2% to $3,018. Meanwhile, dogecoin price today was trading almost a per cent lower at $0.13 whereas Shiba Inu plunged 0.6% to $0.000025.
Other digital tokens were mixed as XRP, Avalanche, Solana, Stellar, Polkadot, Cardano, Uniswap, Litecoin were trading with cuts whereas Polygon, Terra, Tron rose over the last 24 hours.
“Bitcoin traded at its high before falling to US$40,000 after the Federal Reserve’s comments on raising the benchmark U.S interest rate on Thursday. The strict monetary policy has been hitting speculative assets such as stocks and cryptocurrencies harder this year, but indicators remain bullish for the short term,” said Edul Patel, Co-Founder & CEO, crypto investing platform Mudrex.
Meanwhile, the world’s largest cryptocurrency exchange Binance is deactivating the accounts of its major clients in Russia, it said on Thursday, cutting back its services in the country in line with European Union sanctions.
Binance told users that Russian nationals and people living in the country, as well as companies based there, that hold crypto worth over 10,000 euros ($10,900), would be banned from making new deposits or trading, as reported by Reuters.
(With inputs from agencies)