In the cryptocurrency market, Bitcoin dipped below USD30,000 today after rising above USD31,000 the previous session. The world's largest and most popular cryptocurrency currently fell more than 4% to USD29,370.
For weeks, Bitcoin has been trading around the USD30,000 level, defying expectations of a possible further drop while also struggling to build upward momentum as the broader US market has been battered. The digital coin has lost over 35% this year and is trading well below its all-time high of USD69,000 set in November 2021.
On the other hand, Ether, the second-largest cryptocurrency and the coin linked to the Ethereum network, lost roughly 7% to USD1,782. Meanwhile, the price of dogecoin was down almost 6% to USD0.07 today, while the price of Shiba Inu was also down nearly 6% to USD0.000010. The market capitalization of all cryptocurrencies is currently USD1.27 trillion, down about 2% in the last 24 hours.
Cardano, Stellar, Uniswap, XRP, Litecoin, Tron, Tether, Solana, Polkadot, Avalanche, Polygon, Terra Luna Classic, Chainlink values have all dropped in the last 24 hours.
Following the collapse of the Terra/Luna ecosystem in May, which further eroded confidence in the market, worldwide regulators are continuing to scrutinise stablecoins; algorithmic stablecoin UST is trading at USD0.016, according to CoinGecko statistics, dropping even lower after losing its peg to the dollar.
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