Cryptocurrency prices today: Bitcoin fell through a crucial support level over the weekend, hitting a nearly four-month low, its lowest since January, and a year-to-date drop of more than 25%. As investors across asset classes react to hints of more interest rate hikes, the world's largest and most popular cryptocurrency has generally followed the bearish trend in equities markets.
The price of bitcoin fell below USD34,000 today, trading at USD33,948, down over 2%. According to CoinGecko's pricing, the global crypto market's worth has dropped almost 3% in the last 24 hours to USD1.65 trillion. On the other side, Ether, the second-largest cryptocurrency and the coin tied to the Ethereum network, fell more than 3% to USD2,499. Meanwhile, the price of dogecoin has dropped about 5% to USD0.12, while the price of Shiba Inu has dropped over 5% to USD0.18.
Other digital tokens' performance deteriorated as well, with Solana, Polkadot, Cardano, Uniswap, Terra, XRP, Avalanche, Polygon, and Stellar values falling 2-5 percent in the last 24 hours, while Tron rose more than 4%. The crypto market has been impacted by the Russia-Ukraine situation, increasing inflation, and expectations of Fed rate hikes, therefore Bitcoin has mostly traded in a range of USD35,000 to USD45,000 this year.
Bitcoin has been trading in lockstep with technology equities. The 90-day correlation coefficient between Bitcoin and the tech index is now at 0.67, the highest level since Bloomberg began tracking this data in 2010. A coefficient of one indicates that the assets are moving in lockstep, whereas a coefficient of minus one indicates that they are moving in opposite directions.
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