In cryptocurrencies, Bitcoin was trading below the $40,000 level as the world’s largest and most popular cryptocurrency declined more than 2% to $39,156. Bitcoin is down about 15% in 2022 (year-to-date or YTD) so far whereas, it is still over 40% far away from its record high of near $69,000 it hit in November 2021.

Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, hovered below the $3,000 mark and was marginally lower  at $2,730. The global cryptocurrency market capitalisation today fell below the $2 trillion, as per CoinGecko, as it was down over 1.5% at $1.86 trillion.

Meanwhile, Dogecoin price gained slightly to $0.14 whereas Shiba Inu also rose about a per cent to $0.000027. The performance of other coins were mixed as Solana, XRP, Terra prices were trading with gains over the last 24 hours, whereas Avalanche, Stellar, Cardano, Polygon, Polkadot declined.

Cryptocurrency prices have tumbled since reaching record highs in early November. The recent volatility in cryptos has come amid a broader market selloff driven by investors recalibrating their portfolios to account for a more aggressive Fed, which is now expected to raise rates as many as seven times this year as it fights surging inflation.

Vitalik Buterin, co-founder of the Ethereum blockchain during an interview with Bloomberg said the digital-asset universe may actually benefit from the current retreat in coin prices that’s cast a chill on investors and is being referred to as another crypto winter.

(With inputs from agencies)

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