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In cryptocurrencies, Bitcoin price today slipped below the $30,000 mark after hovering around the level since the past few sessions. The world's largest and most popular cryptocurrency fell 0.3% and was trading at $29,706. The token is down 36% so far this year, and trading far below the peak of $69,000 it hit in November 2021.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, declined more than a per cent to $1,948. Meanwhile, dogecoin price today was trading lower at $0.08 whereas Shiba Inu also was down almost flat to $0.000012.

Other digital tokens' performance also plunged as Solana, Cardano, Avalanche, Polygon, Stellar, Uniswap, Polkadot, Terra (Luna), XRP, Litecoin, prices were trading with cuts over the last 24 hours whereas Tron rose.

Terra USD surged more than 40% to $0.09 after developers behind the failed stablecoin voted to abandon the token in favor of creating a new blockchain and digital asset weeks after the cryptocurrency collapsed. Under the recovery plan for the Terra ecosystem, developers will create a new Terra blockchain with a revived Luna token.

Cryptocurrencies have been swept up in a sell-off this year in risk assets, which has picked up steam as data showed US inflation running hot, deepening investor fears about the economic impact of aggressive central bank tightening. The downturn in the crypto market which started in April has wiped billions of dollars in market value within a month.

Ethereum's co-founder Gavin Wood said cryptocurrency investors need to be more aware of what is backing their holdings. "I would hope that people pay more attention to what is belying the currency name when they get involved in a community, ecosystem, economy," Wood told Reuters on the sidelines of the World Economic Forum (WEF) in the Swiss Alpine resort of Davos.

(With inputs from agencies)

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