Bitcoin fell further to 347K dragging other cryptocurrencies with it

Bitcoin fell further to $34.7K, dragging other cryptocurrencies with it

Continuing the trend set a few days ago, bitcoin price continued to decline, falling almost 4% in price today. In the last 24 hours, the minimum price for the digital asset fell to $34,220 and has recovered to $34,675 at the time of writing.

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Of course, following the price of a token, the market cap of Bitcoin is also falling – now just below the $660 billion mark, the asset is already down 25% on an annual basis. In addition to Bitcoin, most other cryptocurrencies are now in the “red” zone.

The second-largest cryptocurrency, Ethereum, is showing an even sharper drop than Bitcoin, shedding 4.5% in price, and the bottom stood at $2,520 over the past day. The picture is also bleak for other digital assets, with XRP at $0.57 down 4.24%, Terra – $63.60 (-13.41%) and Solana – $78.27 (-3.64%).

Less than a week ago, the picture was very different: cryptocurrencies went into active growth as investors were inspired by the US Federal Reserve’s decision to raise interest rates by 0.5% in one fell swoop. The last time such active dynamics of the US economy was observed 20 years ago. Three days ago, the Ministry’s decision gave Bitcoin up to a $40,000 mark, but didn’t stay behind for long.


About the author

Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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