The cryptocurrency market is still in red despite the start of a new week.
Dogecoin traded at $0.05685, 7.80% less than the price of Shiba Iu. Shiba’s price plunged more that 10% to $0.0000107. Multiple tokens are also falling, including XRP.
Coins such as XRP and Polkadot suffered greater losses and were in the red more than other tokens.
The XRP token also has seen a significant decline. During a continuing court case, the token associated with Ripple Labs Inc. suffered a 13.5% drop. Bloomberg claims that the decline happened because Ripple Labs Inc. and the SEC wanted an immediate ruling on a court case. The issue was whether Ripple was reckless in claiming XRP wasn’t a regulated security.
Over the past 24 hours, the market value of digital tokens has gone down more than &70 billion to $941 billion. According to CoinGecko data for 2021, the market was valued at $3 trillion.
The declines of the major crypto values are still subject to overall economic metrics—ranging from the disappointing Consumer Price Index, the benchmark S&P 500 falls, to the prospect of a global wave of monetary tightening this week.
Investors should be prepared for volatility, as the Federal Reserve is expected to announce this week interest-rate increases to combat price pressures.
The recent rise and fall of the Bitcoin price in the last few days is in line with market participants’ expectations. The volatility of cryptocurrency markets will continue until the macroeconomic environment stabilizes at a more predictable rate.
With assistance from Aaron Limbu