Cryptocurrencies Crumbled Amid Negative Trends In Global Markets; Bitcoin Falls 3%, Ethereum 5.2% Down

Cryptocurrencies crumbled on Tuesday for the second consecutive session amid negative cues across major global markets.

World’s most popular and largest cryptocurrency Bitcoin was trading almost three percent lower at $19,941.1 at 8:16 am. Bitcoin’s market capitalisation was at $380.9 billion, while the trade volume was at $24.6 billion in the past 24 hours.

A WazirX analyst said, “On the daily time-frame, the BTC chart is traversing within the descending channel pattern. The daily RSI is approaching the oversold zone and we could expect investors to re-enter at this level. A failure to maintain its momentum above the $22K level could see BTC dropping further. An immediate support for Bitcoin is expected at $17,700.”

Second-largest virtual currency Ether was 5.2 percent down at $1,089.5 with market capitalisation of $132.7 billion. Trade volume of Ethereum was $22.1 billion in the last 24 hours.

Edul Patel, CEO and co-founder of Mudrex, said, “If ETH fails to sustain above the US$1,140 level, we might see it plunge to even to the US$900 as the buying strength has declined over the past few days.”

Meme crypto Dogecoin was 5.6 percent down with a trade volume of $323.8 million in 24 hours. Shiba Inu was trading 5.6 percent lower at $0.000010 while Solana was 4.8 percent down at $33.8 billion.

Indian headline indices made a gap-down start on Tuesday mirroring negative trends in other global equities.

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