Bitcoin price falls below $40,000, other cryptocurrencies in red

Bitcoin’s price fell by 4.25 per cent to $38,778.94. The Ethereum price was down by 4.10 per cent to $2,873.90.

Major alt coins such as Dogecoin fell 12.15 per cent and Shiba Inu was down by 3.06 per cent.

Bitcoin’s price on Wednesday fell below $40,000 as other major cryptocurrencies were trading in the red, according to data on Coin Desk.

Overall, global cryptocurrency market volume fell as investors continued to remain cautious about making investments.

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Bitcoin’s price fell by 4.25 per cent to $38,778.94. The Ethereum price was down by 4.10 per cent to $2,873.90.

“Bitcoin, Ethereum, and most cryptocurrencies fell this morning after witnessing a spike on Monday. BTC started off trading above US$40,000 following the news that Fidelity was planning on offering bitcoin for people’s retirement money yesterday, but dipped later in the day. The current pullback of BTC is very similar to the pullback that occurred last September,” Edul Patel, Co-Founder & CEO, Mudrex said.

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Other cryptocurrencies such as XRP was down by 5.12 per cent, Terra fell by 7.55 per cent, Solana was down by 1.82 per cent, Avalanche fell by 2.91 per cent, Cardano was down by 5.34 per cent, Polkadot fell by 4.61 eper cent, and Stellar fell by 2.73 per cent.

Major alt coins such as Dogecoin fell 12.15 per cent and Shiba Inu was down by 3.06 per cent.

“The high volatility in the crypto market is likely to continue for a few more days as global situations are under pressure due to central bank tightening policies, the tension between Russia and Ukraine, and high inflation,” Patel said.

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