Cryptocurrency prices today plunge as Bitcoin falls below $21,000; dogecoin, Solana dip 7%

  • Cryptocurrency prices today: Ether, the coin linked to the ethereum blockchain, fell more than 3%

Livemint
Updated28 Jun 2022, 08:29 AM IST
Cryptocurrency representations
Cryptocurrency representations(AFP)

In cryptocurrencies, the world's largest and most popular cryptocurrency Bitcoin plunged over 2% and was trading at $20,610. The global cryptocurrency market cap today was below the $1 trillion, and was down over 3% in the last 24 hours to $964 billion, as per CoinGecko.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, fell more than 3% at $1,175. Meanwhile, dogecoin price today was trading 7% lower at $0.07 whereas Shiba Inu tanked over 6% to $0.000011.

Other crypto prices' today performance also declined as XRP, Tether, Solana, BNB, whereas Stellar, Litecoin, Polygon, Uniswap and Tron prices were trading with cuts over the last 24 hours, however, ApeCoin gained marginally.

Grayscale Investment LLC has recruited a couple of heavyweight partners to help with a bid to convert its Bitcoin trust into an exchange-traded fund. The firm has filed with the US Securities and Exchange Commission for its Grayscale Bitcoin Trust, ticker GBTC, to become an ETF.

The trust, which has a market cap of about $13.6 billion and a premium of negative 32% to the price of Bitcoin, has enlisted Jane Street and Virtu as authorized participants if it does become an ETF. APs are specialized traders that have the right to create and redeem shares of an ETF, which is done to help keep the price close to its net asset value, reported Bloomberg.

Cryptocurrencies have suffered this year amid Federal Reserve rate hikes and stubbornly high inflation. After crypto’s last two-year hibernation ended in 2020, the sector spiked to around $3 trillion in total assets last November, before plunging to less than $1 trillion. Cryptocurrencies had been moving for months in the same direction as stocks as investor appetite for risk assets ebbed on growing fears about an economic downturn.

Coinbase Global Inc., Crypto.com, Gemini Trust and BlockFi Inc. are among the crypto companies to have announced swaths of layoffs, citing the general macroeconomic downturn for derailing their previously ever-expanding plans. The collapse of the Terra/Luna ecosystem and continued concern about hedge fund Three Arrows Capital Ltd. have further rattled investors.

(With inputs from agencies)

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess
First Published:28 Jun 2022, 08:29 AM IST
HomeMarketsCryptocurrencyCryptocurrency prices today plunge as Bitcoin falls below $21,000; dogecoin, Solana dip 7%

Most Active Stocks

Bharat Electronics

312.60
03:59 PM | 22 JUL 2024
6.3 (2.06%)

Zee Entertainment Enterprises

134.60
03:59 PM | 22 JUL 2024
-2.95 (-2.14%)

Tata Steel

160.35
03:57 PM | 22 JUL 2024
2.6 (1.65%)

Wipro

505.75
03:59 PM | 22 JUL 2024
-51.5 (-9.24%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Rashtriya Chemicals & Fertil

235.05
03:53 PM | 22 JUL 2024
21.1 (9.86%)

NBCC India

184.85
03:52 PM | 22 JUL 2024
13.05 (7.6%)

Indian Hotels Company

620.20
03:54 PM | 22 JUL 2024
42.95 (7.44%)

Chalet Hotels

820.00
03:29 PM | 22 JUL 2024
55.9 (7.32%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    75,510.00293.00
    Chennai
    75,657.000.00
    Delhi
    75,217.00732.00
    Kolkata
    75,144.00659.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.98/L0.23
    Kolkata
    104.95/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsPremiumInstant LoanBudget