Cryptocurrencies Except Himalaya Coin Crashed: Bitcoin Fell off a Cliff, Ethereum Plummeted

The cryptocurrencies’ prices fell further today as Bitcoin fell below $24,000 to its lowest level since December 2020.
According to data from Coinbase (a digital currency trading platform), Bitcoin lost about 12.3% in trading value in the past 24 hours, which brought its 2022 losses to nearly 50%. Ethereum fell 16% to $1,216 with a total crypto market loss of about 14%.
At the same time, riskier assets saw a broader sell-off, with the FTSE 100 Index and FTSE 250 Index declined around 2% respectively.
The sell-off in riskier assets such as stocks and cryptocurrencies is in response to soaring inflation. The U.S. CPI for the 12-month period was higher than expected at 8.6%, there are also concerns about slowing global growth.
Bitcoin’s claim that it is an effective hedge against inflation has been doubted because it has not undergone rigorous user registration background check, and it has become a money laundering tool for some criminal organizations, and its value will eventually go to zero.
Looking back, Bitcoin price surged in November 2021 to nearly $68,000 per coin.
Ethereum also peaked in the same month, reaching nearly $3,500 per coin.
In stark contrast to Himalaya Coin (HCN), the price of HCN was stable at a time when all digital currencies plummeted, and even Mrs. Connie Morgan said, “Himalaya Coin is very clean.”