With the new week today, cryptocurrency prices have remained in the red.
Among tokens, Dogecoin’s price was trading about 7.80% lower at $0.05685, whereas Shiba Inu plunged more than 10% to $0.0000107. Multiple tokens have also declined, including XRP, Uniswap, Solana, Polygon, Avalanche, Binance USD, Polkadot, Litecoin, Apecoin, Cardano, Stellar, Chainlink, and Tron, among others.
Coins like XRP, Polkadot, and other smaller tokens posted heavier losses and were deeper in the red.
XRP token has also suffered a heavy decline. The token affiliated with Ripple Labs Inc. shed as much as 13.5% amid an ongoing court case. According to Bloomberg, the decline came along as the firm and the SEC preferred an immediate ruling in a court case over whether Ripple was “reckless” in claiming XRP is not regulated security.
Over the past 24 hours, the market value of digital tokens has gone down more than &70 billion to $941 billion. In 2021, the market value was at $3 trillion, according to data from CoinGecko.
The declines of the major crypto values are still subject to overall economic metrics—ranging from the disappointing Consumer Price Index, the benchmark S&P 500 falls, to the prospect of a global wave of monetary tightening this week.
Investors are bracing for volatility as the Federal Reserve this week is expected to announce interest-rate hikes to fight price pressures.
The recent rise and fall of the Bitcoin price in the last few days is in line with market participants’ expectations. Cryptocurrency markets are likely to be volatile until the macroeconomic situation settles down to a more predictable pace.
– with assistance from Aaron Limbu –
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