Cryptocurrency prices today: Ether fell by more than 4%, while dogecoin fell by more than 6% and Shiba Inu fell by 8%.
After a harsh weekend in which the price of the world’s largest and most popular digital token lost nearly a fifth of its value, cryptocurrency prices have plummeted today, with Bitcoin trading below $49,000. Today’s Bitcoin price dropped 3% to $48,130. Ether and other cryptos have also dropped in value. According to CoinGecko, the global crypto market cap has dropped 5% to $2.33 trillion.
The price of ether has dropped over 4% to $4,062, while dogecoin has dropped over 6% to $0.16 and Shiba Inu has dropped over 8% to $0.000034. Litecoin, XRP, Polkadot, Uniswap, Cardano, Solana, and Polygon, on the other hand, have all seen price drops in the last 24 hours.
Cryptocurrency price movements coincide with a period of high volatility in the financial markets. Inflationary pressures are pressuring central banks to tighten monetary policy, potentially reducing the liquidity tailwind that has boosted a variety of assets.
The selloff comes ahead of hearing before the US House Financial Services Committee on December 8 by officials from eight prominent cryptocurrency companies, including Coinbase Global CFO Alesia Haas and FTX Trading CEO Sam Bankman-Fried.
As policymakers deal with the consequences of cryptocurrencies and how to effectively regulate them, the hearing will be the first time prominent actors in the crypto markets will testify before US Congress. The Securities and Exchange Commission (SEC) of the United States rejected WisdomTree’s second request for a spot-bitcoin exchange-traded fund last week.
Bitcoin, which is known for its volatility, has lost more than $21,000 since hitting a high in early November, although it is still up over 65 percent this year.
So that was the latest update on cryptocurrency prices following the weekend sell-off.