- Ethereum has been down 2.60% in the last 24 hours.
- Volatility is working against investors, and prices are plummeting rapidly.
On Saturday, the price of Bitcoin hit a three-month low. A decline that started Wednesday, when the Federal Reserve warned that it might move more rapidly than initially thought to remove measures aimed to stimulate the economy during the epidemic, is continuing.
After ordering the shutdown of Bitcoin mining in Sichuan province, China deemed all cryptocurrency transactions illegal, causing the crypto market price to fall. In addition to Bitcoin, the vast majority of Altcoins have followed suit.
According to CoinMarketCap, the Bitcoin price today is $41,899.94 USD with a 24-hour trading volume of $28,513,675,242 USD. Bitcoin is down 0.03% in the last 24 hours. Moreover, according to CoinMarketCap, the Ethereum price today is USD 3,134.18, with a 24-hour trading volume of USD 16,397,274,319. Ethereum has been down 2.60% in the last 24 hours.
Factors Against Crypto Coins
Weekends are still unpleasant for crypto investors. On Saturday and Sunday, the stock market is closed, but cryptocurrencies are available to trade around the clock. Aside from the effects of coronavirus on global economic recovery and interest rate hikes in the United States, coin markets are still concerned about Kazakhstan’s mining activity and the impact of protests and political instability.
Despite volatility, cryptocurrency prices have been rising for much of the past two years. Now, volatility is working against investors, and prices are plummeting rapidly. According to CoinMarketCap, the global crypto market cap is $1.96T, a 1.27% decrease over the last day. The total crypto market volume over the last 24 hours is $92.68B, which makes a 23.97% decrease.
Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.