Cryptocurrency Prices Today: Bitcoin, Ether Fall Over 2%, Shiba Inu Plunges 8%

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also fell around 3% to $1,280. Meanwhile, the dogecoin price today was over 5% lower at $0.05, while Shiba Inu fell more than 8% to $0.000010.

“Bitcoin (BTC) has dropped 2% in the last 24 hours, indicating that the sellers are trying to strengthen their positions by pulling the price below the uptrend line. If they manage to gain power, we could see BTC fall to $18,125 and then Support Levels at $17,622. On the other hand, Ethereum also fell by more than 4% and is now at $1,200. ETH is down over 65% so far this year. If ETH drops below the current level, selling could intensify and fall to the support line, ” said Edul Patel, CEO and co-founder of global crypto investment platform Mudrex.

Other crypto prices performance today also fell as Avalanche, Binance USD, Polkadot, Cardano, Chainlink, Tether, ApeCoin, Solana, Litecoin, XRP, Stellar, Terra, Polygon, Stellar, Tron, Uniswap prices traded with cuts in the last 24 hours.

Global markets have slumped in recent months as central banks around the world raise interest rates to curb rising inflation. Risky assets such as cryptocurrencies have been particularly hard hit as recession fears rise.

The amount of computing power dedicated to Bitcoin mining rose to a record as more companies took advantage of the energy and data center space freed up by the Ethereum network upgrade, likely further compressing profit margins.

Mining difficulty, a measure of Bitcoin miners’ computing power for the blockchain, has jumped 13.6% in the two weeks ended Monday. It was also the biggest bi-weekly adjustment since last May. The increase is thanks in part to the decline in Ether mining, as reported by Bloomberg.

(With input from agencies)