Cryptocurrency values have plummeted today, with Bitcoin plunging below $37,000 amid rising tensions between Russia and Ukraine. The world’s most valuable and widely used cryptocurrency fell 6.43 percent to $36,693.28. Bitcoin is currently down approximately 19% year-to-date (YTD) in 2022, but it is still over 46% away from it’s all-time high of nearly $69,000 set in November 2021.
Ether lost 7% and fell to $2,533.46. Meanwhile, Dogecoin’s price plummeted by nearly 7% to $0.12, while Shiba Inu’s price dropped by 8% to $0.000024. Other coins’ performance suffered as well, with values for Solana, XRP, Terra, Avalanche, Stellar, Cardano, Polygon, and Polkadot falling by 5-12 percent.
The worldwide cryptocurrency market capitalization stayed below $2 trillion today, down over 3% to $1.77 trillion, pulled down by today’s drop in crypto prices.
Since reaching all-time highs in early November, cryptocurrency values have plummeted. Investors recalibrating their portfolios to account for a more aggressive Fed, which is now forecast to hike rates as many as seven times this year as it fights growing inflation, has caused the recent volatility.