Bitcoin Dips Below $22k and Solana, Polkadot Experience Up to 5% Slippage in Today’s Crypto Market Prices
On Wednesday, the cryptocurrency markets saw a decline after remarks made by Federal Reserve Chair Jerome Powell ignited the possibility of large rate hikes in order to address inflation. Bitcoin fell by 2.08% and Ethereum was trading under $1,600. Edul Patel, the co-founder and CEO of Mudrex, stated that Bitcoin may dip to the $19,000 level if it falls below its current level. Similarly, Ethereum is trading in line with Bitcoin and is in the red zone. Other popular cryptocurrencies such as Solana, Dogecoin, Litecoin, Cardano and Polkadot were also trading lower. The global cryptocurrency market cap dropped to $1.01 trillion, falling 1.96% over the last 24 hours. Bitcoin’s market cap is currently around $425.02 billion, with a dominance of 42.17%. Despite the slump, the total volume in DeFi is currently 3.78 billion, 8.20% of the total crypto market 24-hour volume. Additionally, the volume of all stablecoins is now $42.58 billion, which is 92.36% of the total crypto market 24-hour volume. The decline in cryptocurrency prices comes as investors digest the impact of the Powell remarks and uncertainties surrounding Silvergate Bank.