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In cryptocurrencies, Bitcoin price today plunged below $30,000 level sliding back into the middle of the narrow range where it’s been trading since mid-May. The world's largest and most popular cryptocurrency plunged 0.6% and was trading at $29,964. The digital token is down more than 35% so far this year (YTD), and is trading far below its record high of $69,000 it had hit in November last year.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, fell about 0.5% to $1,784. Meanwhile, dogecoin price today was also trading almost flat at $0.07 whereas Shiba Inu also up 0.2% to $0.000011. The global cryptocurrency market cap today is $1.28 trillion, down nearly a per cent in the last 24 hours.

Other digital tokens' performance were mixed as Stellar, Uniswap, XRP, Tron, Tether, Solana, Polkadot, Avalanche, Polygon, Chainlink, Terra Luna Classic prices were trading with gains over the last 24 hours, while Cardano, Litecoin slipped.

The US Securities and Exchange Commission is investigating whether the marketing of the TerraUSD stablecoin before it crashed last month violated federal investor-protection regulations, reported Bloomberg. SEC enforcement attorneys are looking into whether Terraform Labs, the firm behind the coin also known as UST, broke rules for securities and investment products.

In the aftermath, US Treasury Secretary Janet Yellen said that crytocurrency assets are a ‘very risky’ choice to include in the retirement plans of average savers. Yellen was responding to a question about an announcement from Fidelity Investments in April that it would add a crypto option to workplace retirement plans it manages.

Cryptocurrency prices have been in a slump this year as the Federal Reserve withdraws stimulus and hikes rates to combat inflation, with Bitcoin losing more than a third of its value this year, and others, including Ether, shedding 50%.

Investor concerns about tighter monetary policy and tougher regulations have dueled with optimism that Bitcoin may have found a bottom to keep the cryptocurrency in a tight range around $30,000.

(With inputs from agencies)

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