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Business News/ Markets / Cryptocurrency/  Cryptocurrency prices today plunge as Bitcoin back below $30,000

Bitcoin prices today fell below $30,000 after trading above the $31,000 level in the past few sessions. The world's largest and most popular cryptocurrency plunged more than 6% and was trading at $29,775. The digital token is down over 35% 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, fell more than 5% to $1,826. Meanwhile, dogecoin price today was trading 6% lower at $0.08 whereas Shiba Inu also was down over 7% to $0.000011. The global cryptocurrency market cap today is $1.29 trillion, down nearly 6% in the last 24 hours.

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

Analysts have been noting all year that cryptocurrencies and stocks have been joined at the hip when it comes to their moves. When one goes up on any given day, the other tends to follow, and vice versa. 

Correlations between stocks and Bitcoin have been strong, and the relationship is even more pronounced between the coin and tech stocks, which can sometimes be thought of as more speculative plays in the market.

The 90-day correlation coefficient of Bitcoin and the tech gauge now stands above 0.68, among the highest such readings in Bloomberg data going back to 2010. A coefficient of 1 means the assets are moving in lockstep, while minus-1 would show they’re moving in opposite directions.

Some closely-watched technical measures suggest that Bitcoin price could drop to the lowest since December 2020 if the largest cryptocurrency fails to maintain support at $29,000, reported Bloomberg.

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. 

(With inputs from agencies)

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Updated: 02 Jun 2022, 08:34 AM IST
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