Crypto Price Today: Under $22,000 for Bitcoin; up to 7% losses for Solana, Polygon, and Avalanche

Following Jerome Powell’s hawkish comments regarding rate increases during the early trading hours on Thursday in Asia, bitcoin experienced a sharp decline. The biggest cryptocurrency coin did, however, gain some ground at the lower levels.

Silvergate, a cryptocurrency-friendly bank, will cease activities. In other developments, India, which is in charge of hosting the G-20 summit this year, has included cryptocurrency assets in its laws against money laundering. On March 7, the Indian government published a notice in this regard.

In the midst of the negative news flow and market turbulence, Bitcoin fell below the $22,000 level, falling about 2%. Its biggest rival Ethereum also experienced a decline, dropping more than 1% and remaining below the $1,600 mark. However, altcoins were suffering greatly.

Except for XRP, Shiba Inu, and stablecoins linked to the US dollar, all other well-known and well-known crypto tokens were trading with significant losses on Thursday. Solana lost 7% of its value, while Polygon lost 6%. Avalanche lost 5%, while Polkadot, Cardano, and Litecoin each saw a 3% decline. On the other hand, XRP increased by 3%.

Ethereum is trading at around $2,000, and Bitcoin is battling to maintain a price above $30,000. Due to ongoing regulatory restrictions and worries about the spread of the COVID-19 Delta variant, the general market mood is still cautious.

The market capitalization of all cryptocurrencies fell below $1 and was trading downward at $998.6 billion. In the previous 24 hours, the cryptocurrency market cap fell 2%. The overall trading volume did, however, rise by more than 2%, approaching $45.01 billion.

When compared to the entire cryptocurrency market, Ripple (XRP) is demonstrating strength; it is trading above the 20-day EMA (Exponential Moving Average) and is up for the day. With steady volume, the triangle pattern consolidation on the XRP price chart has been broken, and an upward trend is anticipated to continue.

The next level of resistance for the XRP cryptocurrency is predicted to be at $0.43, and the next level of support is predicted to be at or near $0.36. Developers use the XRP Ledger to build efficient solutions, such as payments and asset tokenization.