Home / Markets / Cryptocurrency /  Bitcoin below $38,000, dogecoin, Shiba Inu, Solana, other crypto prices today also tank

Cryptocurrency prices today plunged with Bitcoin falling below the $38,000 level. The world's largest and most popular cryptocurrency declined more than 5% to $37,150. Bitcoin is down about 19% in 2022 (year-to-date or YTD) so far whereas, it is still over 46% 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, also fell about 5% to $2,590. Meanwhile, Dogecoin price crashed over 7% to $0.12 whereas Shiba Inu also plummeted about 8% to $0.000024. The performance of other coins also tanked as Solana, XRP, Terra, Avalanche, Stellar, Cardano, Polygon, Polkadot prices were trading with cuts in the range of 5-12%.

The global cryptocurrency market capitalisation today remained below the $2 trillion, as per CoinGecko, as it was down over 3% at $1.77 trillion, dragged by the fall in crypto prices today.

In another news, Russia's finance ministry on Monday said it would take proposals on cryptocurrencies from the country's central bank into account so long as they do not contradict its own approach, paving the way for legislation governing digital assets, as reported by Reuters.

A simmering dispute over cryptocurrency regulation in Russia heated up on Friday as the finance ministry submitted legislative proposals to the government that clashed with the central bank's demand for a blanket ban.

Crypto prices have tumbled since reaching record highs in early November. The recent volatility 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.

(With inputs from agencies)

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