Bitcoin's price fell below USD38,000 today in the cryptocurrency market. At USD37,972, the world's largest and most popular cryptocurrency was trading 1% lower. According to CoinGecko's pricing, the global crypto market's worth has dropped more than 1% in the last 24 hours to USD1.81 trillion.
Bitcoin, like risk assets, has been struggling in recent months. As the Federal Reserve began raising interest rates in response to stubbornly high inflation, it has mostly traded in a range of USD35,000 to USD45,000 this year. Bitcoin has been losing value since hitting an all-time high of about USD69,000 in November. Since the start of the year, the digital currency has lost around 18% of its value.
On the other hand, Ether, the second-largest cryptocurrency and the coin linked to the Ethereum blockchain, fell more than 1% to USD2,797. Meanwhile, the price of dogecoin went down 0.5 percent to USD0.13 today, while the price of Shiba Inu was unchanged at USD0.021.
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