Bitcoin crashes, other cryptocurrencies in red

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Bitcoin’s price and cryptocurrency market continue to shed volume amid fears of inflation and economic uncertainty.

Bitcoin price fell in red.

HIGHLIGHTS

  • Bitcoin’s price on Wednesday fell 7.84 per cent
  • Dogecoin fell 8.88 per cent
  • Shiba Inu fell 6.73 per cent

Bitcoin on Wednesday crashed as the price of the world’s largest cryptocurrency fell to $21,000-mark. This came as other cryptocurrencies fell into red.

The cryptocurrency market continues to shed volume amid fears of inflation and economic uncertainty. The dramatic sell-off also weighed on the prices of cryptocurrencies.

Bitcoin’s price on Wednesday fell 7.84 per cent to $21,099.61. The world’s second largest cryptocurrency, Ethereum, was down by 7.34 per cent to $1,125.52.

XRP price fell 4.15 per cent, Cardano was down 5.58 per cent, Solana fell 8.34 per cent, Stellar fell 1.81 per cent, Polkadot was down 2.23 per cent.

Other altcoins Dogecoin fell 8.88 per cent, Avalanche was down 9.43 per cent, Shiba Inu fell 6.73 per cent.

“Bitcoin fell to the US$20,000 range for the first time since December 2020 on Tuesday and rose slightly in the past 24 hours. The recent decline comes as traders prepare for the Federal Reserve’s two-day meet-up with rising inflation levels,” Edul Patel, Co-Founder and CEO of Mudrex, said.

“BTC will need some time to recover from the huge losses it sustained. The recent surge in value might help recover from the previous losses if the gains are consistent. On the other side, if sellers are determined, it is also likely that BTC can again fall back to its lowest,” Patel said.

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