Bitcoin price and other major cryptocurrencies fell on Friday amid fears of inflation and the European Union’s tough stance on crypto legislation, according to coindesk. While Bitcoin slumped to a two per cent drop to go down below $45,000, Ethereum dropped below $3,330-mark.
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The world’s most popular and largest cryptocurrency, Bitcoin, fell by 4.92 per cent to $44,744.
Ethereum, the second largest Cryptocurrency by market capitalisation, was down by 4.23 per cent to $3,253.
Other cryptocurrencies such as XRP fell by 4.39 per cent, Terra went down by 5.65 per cent, Cardano fell by 6.18 per cent, Avalanche fell by 5.34 per cent, Polkadot fell by 7.01 per cent, Stellar was down by 4.98 per cent.
Other popular alt coins, Dogecoin fell by 6.44 per cent, and Shiba Inu was down by 8.25 per cent.
“Bitcoin, Ethereum, and other cryptocurrencies fell after the European Union voted on crypto legislation on Thursday. BTC and ETH dropped by nearly 5% each over the past 24 hours,” Edul Patel, CEO and Co-founder, Mudrex said.
“BTC sellers have reached the resistance at US$48,000, resulting in the pullback now. The support price of BTC currently holds at US$43,000 to keep the buyers active. If BTC buyers can make a decisive move above US$45,000, it may likely be back to the winning streak again,” Patel said.
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