Bitcoin price plunges under $39,000, Ether, Dogecoin down too

Bitcoin price continued to decline and is trading under $39,000 level.

Bitcoi price has dipped by 5.17 percent in the last 24 hours to $1.88 trillion. (REUTERS)

Bitcoin price has crashed further today and is trading under $39,000 level after Russia proposed banning the use and mining of cryptocurrencies on its territory. Bitcoin price tanked over 7% to $38,802. Bitcoin price has slipped in excess of 14% since the start of this year and that means in the last 21 days, counting today.

Bitcoin is the largest and the most popular cryptocurrency in the world even though other cryptos an tokens are chipping away at its market share. Ether, the coin linked to Ethereum blockchain also slipped below the $3,000 mark. It suddenly dipped by more than 7% at $2,914, as per CoinDesk. The token rose about 400% in 2021, compared with a gain of 60% for Bitcoin, however, it is down over 18% in 2022.

Similarly, Dogecoin price also fell over 7% to $0.15 while Shiba Inu dipped about 6% to $0.000026. Other cryptocurrencies like Binance Coin fell by 9% at $423, while Cardano is down over 11%. XRP, Polkadot, Tether, Litecoin Solana, Terra, Stellar were also trading low in the range of 3-10% over the last 24 hours.

However, it is the drop by Bitcoin and Ether that is likely to put investors in a chaotic situation. Both these coins are trading at their lowest in the past ten days while other top altcoins are also running in red.

The crypto industry has faced several regulatory pushbacks lately, as skepticism toward the growth of digital assets spreads across the globe. After Russia, Cryptocurrency exchanges can also expect stricter scrutiny from the US Securities and Exchange Commission (SEC) on digital assets in 2022.

Moreover, the cryptocurrencies have also been exploited by hackers recently. They have reportedly stolen about $34 million in cryptocurrency. Crypto.com, the industry's fourth-largest cryptocurrency exchange has confirmed the security breach and admitted that it lost user funds. However, they claimed that the issue has been fixed. The loss was in terms of bot cryptocurrencies, Bitcoin and Ethereum.