Cryptocurrency Prices Fall, Bitcoin down over 1 per cent

Cryptocurrency Prices Fall, Bitcoin down over 1 per cent
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In a major blow to the global cryptocurrency market, its capitalisation dropped to 1.6 trillion dollars from 1.7 trillion dollars during the last 24 hours.

Also, the trading volume rose from 126 billion dollars to 130 billion dollars.

The decentralised finance (DeFi) cryptocurrency market cap also increased 7.26 per cent to 113.19 billion dollars.

When it comes to stablecoins, it rose 0.14 per cent to 165 billion dollars.

Stablecoins are tied to an asset like dollars or any other fiat currency or gold in order to stabilise their price.

Bitcoin remains the world’s biggest and best-known cryptocurrency. It is now about half its 69,000 dollar peak in November. It was last at 35,049 dollars, after falling as low as 34,000 dollars after a steep fall on January 21.

When it comes to Bitcoin’s market dominance, it rose to 41.26 per cent; the asset was trading at $35,203.60 levels Sunday morning.

On the other hand, Ethereum fell 5 per cent to Rs 2,00,017.6.

The currency has witnessed wild price swings in the past. Moreover, it has been hit as risk appetite has fallen on inflation fears and anticipation of a more aggressive pace of interest rate hikes from the US Federal Reserve.

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