cryptocurrency price today: Top cryptocurrency prices today: Bitcoin, Ethereum, Dogecoin, Shiba Inu drop up to 6%

New Delhi: The cryptocurrency market was trading lower on Friday, thanks to the sharp selloff in the US markets over inflation concerns and hawkish tone of US Fed.

Barring the dollar pegged USD Coin and Avalanche, all eight out of the top-10 digital tokens were trading lower on Friday. Shina Inu, Solana and Terra dropped 6 per cent each.

The global crypto market cap dropped more than 3 per cent to $2.01 trillion mark. On the other hand, the total crypto market volume zoomed 50 per cent to $114.22 billion.

What’s Cooking in India
Private crypto assets or virtual digital currencies are a major threat to macroeconomic and financial stability of a country, Reserve Bank of India (RBI) governor Shaktikanta Das said at press conference.

“I have said that investors are their own judge. It is my duty today to tell investors that while betting on cryptos, they should be mindful that they are investing at their own risk. Cryptocurrencies have no underlying (value), not even a tulip,“ Das said.

The Indian crypto community, in reaction to central bank governor Shaktikanta Das’ statement that private cryptocurrencies are a big threat to India’s financial and macroeconomic stability, has said crypto assets could help unlock the country’s innovation, job-creation and economic potential.

Expert Take
Bitcoin dipped in the past 24 hours. The downward trend could be related to the fall of US stocks following hawkish remarks by the Federal Reserve. BTC is close to meeting the overbought level, said Edul Patel, CEO and Co-founder of Mudrex.

“BTC’s dominance stands at 41 per cent, and resistance holds at $46,000. The second-largest cryptocurrency, Ethereum, is currently trading at $3,000. According to the market cap, the top cryptos are also running in the red over the past day,” he added.

Global updates

  • Coinbase Global has removed ‘how to buy’ instructions for at least three crypto tokens which have been the subject of ‘rug pull’ warnings that investors may lose their money, saying on Thursday it plans to improve safeguards.

  • The price of Flow’s FLOW token surged rapidly as a new, officially licensed mobile game showcasing the Beijing 2022 Olympics Winter Games was launched on the network this week.

  • In other news, the total value of crypto-related mergers and acquisitions (M&A) rose to $55 billion in 2021 versus $1.1 billion a year earlier, according to a report from PricewaterhouseCoopers (PwC).

  • Also, Fitch, the global rating agency, has downgraded El Salvador’s long-term foreign-currency issuer default rating (IDR) to CCC from B- weeks before the country starts issuing its bitcoin bond.