Bitcoin Drops Below $20,000; Avalanche & Polygon Decline by Up to 10% in Today’s Live Cryptocurrency Price

As the US Fed committed to maintain the monetary hawkishness established earlier this year, the entire market valuation for cryptocurrencies once again fell below the $1 trillion threshold.

Highlights

  • Due to uncertainty regarding the Federal Reserve's rate-hike path, Bitcoin sank below $20,000 on Sunday as part of a broader cryptocurrency market slide, according to Reuters.
  • BTC gave a breakdown below its 2-month-old flag pattern, which led to a subsequent loss of 7 percent in price. The following level of support is $17600.

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After a steep decline over the weekend, cryptocurrency tokens were trading at a lower level on Monday. As the US Fed committed to maintain the monetary hawkishness established earlier this year, the entire market valuation for cryptocurrencies once again fell below the $1 trillion threshold.

Due to uncertainty regarding the Federal Reserve's rate-hike path, Bitcoin sank below $20,000 on Sunday as part of a broader cryptocurrency market slide, according to Reuters.

On Monday, all top tokens except BNB were trading in the red. Avalanche fell by as much as 10%, while Polygon lost as much as 5%. Cardano and XRP both experienced a 4% decrease.

The market capitalization of all cryptocurrencies was trading lower at $951.77 billion, dropping as much as 2% over the previous day. However, the overall trade volume fell by close to $17 billion, or $54.09 billion.

Indian crypto exchange CoinSwitch Kuber CEO Ashish Singhal said "we are fully cooperating" with the Enforcement Directorate, two days after searches at five locations by the financial crimes agency.

Disclosing the news of the searches on Thursday, the Bangalore cell of India's Enforcement Directorate said 'searches were conducted since we did not receive the desired cooperation from CoinSwitch Kuber'.

Similar to last weekend, Sathvik Vishwanath, co-founder and CEO of Unocoin, claimed that the weekend brought about a slaughter that caused prices for some popular cryptocurrencies to drop by as much as 10–12%.

"The weekend's action was due to Fed's chair revelation and increasing interest rates that have become detrimental for the crypto market," he added.

A trailblazing software entrepreneur thinks his nearly five-year-old blockchain business has discovered a method to attract more investors to the $1.2 trillion diamond market.

The US Securities and Exchange Commission has been questioning Grayscale Investments LLC on the company's "securities law analysis" of tokens in some of its less well-known crypto trusts.

Members of the ENS DAO community will currently only see an empty page with a green domain expiration notification banner at the top when they visit the organization's eth.link website.

According to a new DappRadar analysis released on Friday, Ethereum's impending Merge might have a substantial impact on how DeFi protocols function atop crypto's most well-known decentralised finance chain.

BTC gave a breakdown below its 2-month-old flag pattern, which led to a subsequent loss of 7 percent in price. The following level of support is $17600.

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