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Cryptocurrency prices are plummeting today. Bitcoin below $ 48,000, Dogecoin, Shiba Inu drop above 5%

Bitcoin prolonged losses and compounded its decline in December, with the world’s most popular and largest cryptocurrency by market cap falling 5% to $ 47,912 after falling below $ 50,000 on Tuesday. Known for its volatility, Bitcoin has lost more than $ 21,000 since its record start in early November and is up around 64% in 2021 (year to date, or YTD).

“Bitcoin has shown signs of a trend reversal and has broken out of the trendline. It retests the support at around $ 47,000. The Bitcoin chart is making higher highs and higher lows in a 4 hour period, but the $ 45,000 level must be defended to continue the uptrend. Immediate support and resistance are expected at around $ 47.5,000 and $ 52,000, respectively, “said Siddharth Menon, COO of WazirX.

Meanwhile, ether, the coin linked to the Ethereum blockchain and the second largest cryptocurrency, fell more than 5% to $ 3,820. On the flip side, Dogecoin prices also plummeted 5% to $ 0.14 while Shiba Inu also plummeted 6% to $ 0.000035.

Other digital tokens such as Solana, Polygon, Litecoin, Terra, XRP, Polkadot, Stellar have also been traded with cuts in the past 24 hours. Dragged by the slide in the price of coins, global crypto market capitalization fell by around 6% to $ 2.37 trillion, according to CoinGecko.

Cryptocurrency prices experienced another roller coaster ride last year: climbing, collapsing and then cycling again. El Salvador became the first country to adopt Bitcoin as legal tender this year, while the first exchange-traded fund tied to Bitcoin futures also started trading.

Bitcoin, the most popular digital token, had fallen about 30% in the past five weeks after hitting a record high of nearly $ 69,000 in early November. News of central banks around the world considering tightening monetary policy had weighed on risk appetite in recent weeks.

(With contributions from agencies)

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