Bitcoin Crashes Below $44,000 as Alt Coins See Red
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Cryptocurrency prices slumped yesterday with Bitcoin falling below $44,000, $25,000 below its all-time high
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The second-largest cryptocurrency by market cap Ether plummeted more than 8% to $3,494
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Other digital tokens such as Dogecoin, Binance Coin, Shiba Inu, Solana, Polygon, and Litecoin also suffered trading cuts
The cryptocurrency market slumped on Wednesday evening with Bitcoin falling below $44,000, its lowest level since a flash crash in December.
The world’s largest cryptocurrency by market capitalization is nearly 7% down and over $25,000 below its all-time high which was attained in November.
Siddharth Menon, COO of WazirX indicated that the plunge may have been as a result of the Federal Reserve re-confirming plans to hike interest rates.
The crypto market experienced huge selling after the news and the next support of BTC is expected at $40,000.
Ether the coin of the Ethereum blockchain is also down by more than 8% to $3,487, according to data from CoinDesk.
In the meme crypto world, Dogecoin is down by 6% to $0.15, while Shiba Inu suffered a loss of over 7% to $0.000030.
Read also: China Launches App For Digital Currency, Looks to Expand Usage
Meanwhile, other digital tokens such as Binance Coin, Solana, Polygon, Uniswap, Stellar, Cardano, and XRP are also down by more than 5% in the past 24 hours.
Led by decline, the global market cap of cryptocurrencies slipped by more than 6% to $2.22 trillion, according to CoinGecko.
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