Crypto Price Today: The crypto market is struggling due to the tech stock crisis. Cardano, Shiba Inu, and Polygon plummeted.
Crypto Price Today Latest Updates: The crypto market is crashing as macroeconomic conditions become unfavorable again. After a strong few days of rally, the Bitcoin price is showing bearish sentiments once again. BTC fell over 2% in the last 24 hours and is trading at Rs. 16,69,987. It is still up by 6.4% for the last 7 days.
Ethereum is following the Bitcoin price lock-step as the second largest cryptocurrency plummets as well. ETH has fallen by over 3% and is trading at Rs, 1, 24, 028. Similar to BTC, ETH has been bullish all week and is up by 17% in the last 7 days.
How Are The Altcoins Performing
Throughout the crypto winter, the altcoin’s crypto price continues to take the major brunt. BNB has fallen over 1% in the last 24 hours. It is trading at Rs. 23620 and is up by 7% in the last 7 days. Cardano continues to be the most volatile crypto token. Cardano fell by over 5% in the last 24 hours and is priced at Rs. 31.78.
After a strong showing throughout the week, Polygon also falls to the bearish sentiment of the market. Polygon is trading at Rs. 74.67 after falling by 3% in the last 24 hours. However, $MATIC is up by over 11% in the last week and continues to score mass adoption.
Meme coins Dogecoin and Shiba Inu showed extremely poor performance yesterday. $DOGE fell by close to 4% in the last 24 hours and is trading at Rs. 6.14. Shiba Inu performed even worse and fell by over 8% in the last 24 hours. $SHIB is trading at Rs. 00087,
Why Is Crypto Price Down Today
The tech stock crash has made the macroeconomic market weak again. Meta and Amazon both plunged by as much as 20% after missing out on their earnings report. Experts believe that the current tech crisis is similar to the Lehman brother crash.
US GDP does show a strong economy. However, the Federal Reserve will almost certainly continue with its hawkish stance for an extended period.
Source : Coingape