The majority of the cryptocurrencies were trading mixed on Thursday. The flagship currency tumbled below $20,000 as long-term investors face massive selling pressure. Since late last year, nearly $2 trillion has vanished from the market value of cryptocurrencies, as per CoinGecko.
Bitcoin, the world's largest cryptocurrency, fell 0.09 percent, trading at $19,752. The token which was at a peak of $68,000 in 2021, fell by more than half to $20,000 in June 2022.
On the other side, Ether, the second largest cryptocurrency in terms of market capitalization, rose 1.09 percent to 1,083 over the previous day, according to Coindesk data at 16:50 IST.
Meanwhile, Shiba Inu, the second-largest meme coin, fell 0.24 percent to $0.000010 however the most followed meme coin Dogecoin dropped 1.97 percent to $0.059873.
The global cryptocurrency market cap increased by 0.26 percent to $884.38 billion in the last 24 hours. On the flip side, the total cryptocurrency trading volume also increased 37.16 percent to $74.41 billion. Out of a total market cap, bitcoin's dominance is 42.67 percent, a decrease of 0.15 percent over the day, as per CoinMarketCap data at 17:00 IST.
In recent news, The U.S. crypto lender Celsius Network announced on Wednesday that it had filed for bankruptcy in the US, a month after it froze withdrawals from its platform, in the latest sign of an industry in turmoil.
Meanwhile, the Internet and Mobile Association of India (IAMAI) has decided to shut down the Blockchain and Crypto Assets Council (BACC).
