Cryptocurrency Price Today: The global cryptocurrency market continued to spiral down rapidly as the dollar index hit a two-decade high and bearish sentiment of markets continued to take prevalence. The cryptocurrency market fell below the $1trillion mark for the first time since January last year, imitating the losses in stock markets that saw a dip following high inflation data released by the US last week. The global cryptocurrency market was standing at $924.91 billion, falling by a massive 9.81 per cent over the day, and down from its peak level of $3 trillion seven months ago.
“What initially began as a sell-off in traditional markets eventually led to a massive contagion effect across multiple sectors of the economy, with crypto not spared either. Growing expectations of a sharper Federal Reserve interest rate hike to fight inflation led to an evaporation of investors’ risk appetites across the board, with numerous indices officially entering a bear market,” said the CoinDCX research team.
As per the WazirX trade desk, “The market sentiment has dipped to a new fear level of 8, the lowest in almost 2 years. The crypto markets could lose more ground if the Dollar Index stays strong and the Stock market continues to correct.”
“The main reason for the prevalent negative sentiment is due to renewed fears that the US FED will have to take stringent measures to curb inflation,” added Darshan Bathija, CEO and co-founder of Vauld.
Bitcoin on the day plunged again to its lowest level since December 2020, and traded at the $21,000 mark after almost two years. Bitcoin price today fell by 14.28 per cent to stand at $21,948.90 at the time of writing this article as fearful traders opted for a mass selloff. Ethereum on the other hand fell to a record low this year. Ether price today was down by 14.92 per cent, to stand at $1,158.96 at the time of writing this article. Of all major crypto coins, Bitcoin and Ethereum were the most badly hit, and have shed 25.84 per cent and 33.99 per cent respectively in a week.
“Bitcoin and the overall Crypto markets bled heavily with BTC falling by over 10 per cent in a single day and dropping below the $21K level as the Dollar Index(DXY) continues to strengthen. The weekly trend for the BTC has broken below the triangle pattern and has failed below its last support of $24,000. The next immediate and key support is expected at $19,000,” said the WazirX trade desk.
“There is a sharp carnage in the crypto markets and community is under severe distress. Bitcoin and other tokens have little comfort to offer for investors. Its a havoc to be exact. Bears are in ruckus mode and crypto investors have no refuge now has Bitcoin has taken a bit hit. If it falls below $20,000 mark, things might get uglier and investors should brace themselves for the worse price action.,” Kunal Jagdale, founder and CEO of BitsAir Exchange.
Here are the top 10 cryptocurrencies and their prices on June 14, 2022 ( According to data from coinmarketcap.com)
Bitcoin $21,948.90 or 14.28 per cent loss in the last 24 hours
Ethereum $1,158.96 or 14.92 per cent loss in the last 24 hours
Tether $0.9987 or 0.04 per cent loss in the last 24 hours
USD Coin $1.00 or 0.02 per cent loss in the last 24 hours
BNB $218.12 or 9.53 per cent loss in the last 24 hours
Binance USD $1.00 or 0.03 per cent loss in the last 24 hours
Cardano $0.4727 or 1.09 per cent loss in the last 24 hours
XRP $0.3142 or 5.26 per cent loss in the last 24 hours
Solana $28.26 or 2.41 per cent loss in the last 24 hours
Dogecoin $0.0547 or 9.42 per cent loss in the last 24 hours
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