Cryptocurrency prices today plunge as Bitcoin, ether, dogecoin, Shiba Inu fall over 5%

Bitcoin prices declined to trade below the $36,000 level after the Federal Reserve held the interest rate at near zero with sights of increasing the rates to beat inflation. The world's largest cryptocurrency was trading over 5% lower at 35,940. Bitcoin is still comfortably above the $33,000 level it breached on Monday, which was more than 50% off its November peak.

Meanwhile, the global cryptocurrency market capitalisation today was down 4% to $1.71 trillion, as per CoinGecko, dragged by the continuous fall in crypto prices.

“The daily timeframe continues to traverse within the descending channel pattern. The next support for Bitcoin is expected at the $30,140 level. With the factors surrounding the BTC’s current position, we could see a trend reversal from this level,” said Siddharth Menon, COO of WazirX.

On the other hand, Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, also plunged more than 4% at $2,393, as per CoinDesk. Binance Coin was also down over 5% at $364.

“ETH against BTC showed some strength in the last day crossing the 0.07 level and gaining over 5% in the process. The daily trend pattern for Ethereum continues to trade within the ascending channel pattern. The trend is trading close to the support levels and a break down from this pattern could see Ethereum further weaken against Bitcoin. Immediate support is expected at 0.0658,” Menon added. 

Dogecoin price rose also declined over 5% to $0.14 whereas Shiba Inu crashed over 6% to $0.000020. Other cryptos such as XRP, Terra, Stellar, Avalanche, Cardano, Solana, Polygon were also trading with major cuts over the last 24 hours.

(With inputs from agencies)