Top cryptocurrency prices today: Avalanche, Shiba Inu, Solana and Bitcoin drop up to 13%

economictimes.indiatimes.com:

The momentum and sentiments remained negative, leaving no room for upside in the prices. Investors turned risk-averse as rising inflation and looming inflationary worries lingered. All major tokens were trading sharply lower. Solana plunged about 13 per cent, whereas Avalanche posted a 10 per cent cut. Shiba Inu and Polkadot dropped 7 per cent each. Bitcoin and others were 6 per cent down.

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The global cryptocurrency market cap was trading sharply lower at the $1.23 trillion mark, dropping about 5 per cent in the last 24 hours. However, the total cryptocurrency trading volume zoomed about 13 per cent to $97.19 billion.What's cooking in IndiaLayer 2 side-chain Polygon is requiring extensive KYC (Know Your Customer) details to provide funding, investments, grants or financial support to potential partners in India, suggested media reports. Allegedly, developers in India have recently been talking about the difficulty of acquiring funding or investment from Polygon, going as far as saying Polygon had altogether stopped funding projects in the country.Expert takeDarshan Bathija, CEO and Co-Founder, Vauld said, «With Bitcoin dropping below $30,000, the gains made over the past few days were wiped off. Altcoins also registered a decline in the prices.» With the US equities enduring another day of retracement, the crypto markets followed a similar path. Given the high correlation between BTC and S&P 500 index, the odds of traders remaining bullish on cryptocurrencies were lower, he added.Global updates