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Bitcoin Drops Below $23,000, Prices of Other Cryptocurrencies Also Drop Today

By on July 21, 2022 0

In cryptocurrencies, the price of Bitcoin plunged today as the world’s largest and most popular cryptocurrency fell more than one percent to $22,955, after rising above $24,000. Wednesday for the first time in over a month. Bitcoin’s recent rebound has reduced its loss this year to around 50%.

Bitcoin is in recovery mode so far this week, in line with the stock market, with investors appearing more optimistic about the US Federal Reserve’s ability to contain decades-high inflation.

The global cryptocurrency market cap was back above the $1 trillion mark today, even though it was down more than 2% in the past 24 hours to $1.08 trillion. dollars, according to CoinGecko.

In contrast, Ether, the coin linked to the Ethereum blockchain and the second-largest cryptocurrency, slid more than 2% to $1,518. Meanwhile, dogecoin price was trading almost one percent lower today at $0.06, while Shiba Inu fell more than 4% to $0.000011.

Current performance of other crypto prices also declined as XRP, Solana, BNB, Litecoin, Stellar, Chainlink, Tron, Apecoin, Avalanche, Polkadot, Polygon, Uniswap, Tether prices were trading with declines over the past few years. 24 hours.

Electric car maker Tesla Inc had sold around 75% of its virtual token holdings. Tesla Chief Executive Elon Musk cited concerns about his company’s “overall liquidity” as the reason for the sale.

Tesla sold $936 million worth of bitcoin in the second quarter, more than a year after the company bought $1.5 billion worth of cryptocurrency at the height of its massive growth and popularity. Musk added that Tesla had not sold any of his dogecoins, a meme-based cryptocurrency he touted.

Meanwhile, Zipmex, a cryptocurrency exchange operating in markets including Singapore and Thailand, said it halted withdrawals as a series of defaults continue to haunt the digital asset industry.

Zipmex joins Celsius Network Ltd crypto businesses. to Vauld to suspend withdrawals, embarrassing depositors and highlighting the dangers of leveraged betting that pervade the industry. Vauld, a Singapore-based crypto lending and exchange platform, is trying to avoid collapse by seeking redress in the courts and selling out to a rival.

(With agency contributions)

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