Bitcoin price falls below $30,000 as markets show signs of panic

Bitcoin fell more than 11% in 24 hours to dip below $30,000 on Tuesday as both traditional financial markets and crypto suffered from a sell-off caused by the US Federal Reserve’s aggressive monetary stance to curb inflation. The latest crash left Bitcoin at a 10-month low and its lowest price this year. BTC is more than 55% lower than its all-time high of $69,000, set last November.

Crypto prices today: Bitcoin falls 5%, ETH down 2.2%

Bitcoin is currently trading at $31,986.17, a 4.9% decline over the previous day. Ethereum is down 2.25% over the last 24 hours to $2,398.33. Solana fell 5.13% to $70.44, while Cardano is trading lower by 2.47% at $0.678. Avalanche (AVAX) fell 6.4% to $47.27. The global crypto market cap stands at $1.47 trillion, a 4.37% decline over the previous day.

El Salvador spent $15M on latest Bitcoin dip

El Salvadoran President Nayib Bukele said the country bought another 500 Bitcoin (~$15.3 million) during the current market correction. The total number of BTC owned by El Salvador stands at over 2,300 (~$72.5 million). In September 2021, El Salvador became the first country to make Bitcoin legal tender.

Instagram eyes creator economy with NFT rollout

Instagram has signaled its interest in turning non-fungible tokens (NFTs) into a revenue stream for the creators catering to its billion-plus user base. At launch, Instagram’s NFT pilot will allow a handful of creators to share their digital art on the platform– no sales, trading, or fees involved. Creators could use blockchain tech to build connections with their fans that are monetizable and recognized anywhere.