Ethereum drops 6%, Bitcoin drops below $29,000, and other coins decline

Cryptocurrencies continued to lose money. The market capitalization of all cryptocurrencies was $1.21 trillion, with a volume of $62.7 billion over the previous day. Investors are concerned about digital assets because of the SEC’s stance on cryptocurrency and potential rate increases in the future. In addition, the market showed a link between Bitcoin and the S&P following initial signs that the two had begun to move independently.

Bitcoin
The biggest and most used virtual currency in the world, Bitcoin, was down 4.3 percent at $28,931.8 as of the most recent tally. It was valued at $560.5 billion in the market. The value of the trade was $25.2 billion.

In the last 24 hours, Bitcoin has fallen below the $29,000 threshold after the UK released inflation data that came in higher than expected. The data showed a rise of 10.1% over the previous 12 months. Due to this, BTC dropped to its lowest level since April 10th, with the next significant support level being at $28,500.

Ethereum
Ethererum the second-largest virtual currency, lost 6.9% of its value to $1,948 and a $233 billion market cap. In the previous day, $14.2 billion worth of Ethereum was traded.

During the same time frame, Ethereum fell by seven percent and is now worth $1,900. As is customary when unexpected things happen, the market reacted, which led investors to flee riskier investments. Investors and traders may need some time to assess the potential effects of the inflation report and recover from the incident.

Dogecoin
The meme-based virtual currency Dogecoin dropped to $0.1 by 2.8%. It had a market value of over $12.7 billion. There were $1.4 billion worth of transactions.

Solana
Solana fell 7.2 percent to $22.9 and now has a $9.1 billion market worth. In the past 24 hours, Solana saw trades worth $845.7 million.

Shiba Inu
Shiba Inu market capitalization decreased by 5.4 percent to $6.5 billion. In the previous 24 hours, there were $320.9 million in transactions.

Polygon
Polygon with a market capitalization of $10.1 billion, fell 7.3 percent to $1.1 on the day. $520.2 million worth of transactions were made within the past 24 hours.