After a year of record gains and highs, cryptocurrencies are living a turbulent time with unexpected price changes, with the market down 4.71 percent in the last 24 hours on Monday, according to Coinbase. The market could have a tough year in 2022 if things continue the way they are currently.
What is the current price of Dogecoin?
Dogecoin is currently down 4.4 per cent in the past 24 hours, with a current price of £0.11.
Bitcoin is also trading at 4.3 percent, Ethereum at five percent, and Solana at over seven percent.
Over the past few weeks, the price of Bitcoin has been fluctuating between £30,000 and £38,000.
The internet was cut off on Wednesday last week, bringing cryptocurrency mining operations to a halt.
In November, the Financial Times reported that a growing crypto mining operation in Kazakhstan has seen power outages across the country, with energy-intensive mining rigs causing power outages in a number of regions.
The electrical grid has also previously threatened to rationalize the power supply of some crypto miners.
Motley Fool crypto expert Chris MacDonald said: “It appears that investors are continuing to move away from risky, growth-related investments towards more defensive asset classes today.
In the stock market, the Nasdaq index once again leads the losses among the major indexes, as investors look to safe havens.
“The guidance provided by the Federal Reserve through its meeting minutes published last week continues to haunt growth investors, who are now pricing in much more meaningful price increases, sooner than expected.
In the cryptocurrency world, levels of “extreme fear” are observed across various measures of investor sentiment.
“For meme tokens like Dogecoin that are based on positive sentiment and investor interest, this current environment is not friendly to the kind of parabolic growth trend that many investors initially hoped would reach 2022.”