Bitcoin falls below $23,000, other cryptocurrency prices today also tank

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In cryptocurrencies, Bitcoin price today plunged as the world’s largest and most popular cryptocurrency declined more than a per cent to $22,955, after rising above $24,000 on Wednesday for the first time in more than a month. The recent rebound in Bitcoin has pared its loss this year to about 50%.

Bitcoin has been in recovery mode so far this week, in line with the stock market, as investors appear more optimistic about the US Federal Reserve’s ability to rein in decades-high inflation.

The global cryptocurrency market cap today was back above the $1 trillion mark, even as it was down more than 2% in the last 24 hours to $1.08 trillion, as per CoinGecko.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, slipped more than 2% to $1,518. Meanwhile, dogecoin price today was trading nearly a per cent lower at $0.06 whereas Shiba Inu fell over 4% to $0.000011.

Other crypto prices’ today performance also declined as XRP, Solana, BNB, Litecoin, Stellar, Chainlink, Tron, Apecoin, Avalanche, Polkadot, Polygon, Uniswap, Tether prices were trading with cuts over the last 24 hours.

Electric carmaker Tesla Inc had sold about 75% of its holdings of the virtual token. Tesla Chief Executive Elon Musk cited concerns about his company’s “overall liquidity” as the reason for the sale. 

Tesla sold $936 million worth of bitcoin in the second quarter, more than a year after the company bought $1.5 billion of the cryptocurrency at the peak of its massive growth and popularity. Musk added that Tesla did not sell any of its dogecoin, a meme-based cryptocurrency that he has touted.

Meanwhile, Zipmex, a cryptocurrency exchange operating in markets like Singapore and Thailand, said it halted withdrawals as a series of defaults continues to haunt the digital-assets industry.

Zipmex joins crypto firms from Celsius Network Ltd. to Vauld in suspending withdrawals, leaving depositors in the lurch and underscoring the perils of leveraged bets permeating the industry. Vauld, a crypto lending and trading platform based in Singapore, is trying to stave off collapse by seeking relief from courts and selling itself to a rival.

(With inputs from agencies)

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