Bitcoin, ether, other crypto prices today plunge while Uniswap gains
In cryptocurrencies, the world’s largest and most popular digital token Bitcoin was trading more than 2% lower at $20,254. Bitcoin broke above $20,000 for the first time in more than two weeks on Tuesday, ending its longest run below that price level since the token first breached the threshold in late 2020.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also surged by more than 3% to $1,524. Meanwhile, dogecoin price today was trading lower at $0.07 whereas Shiba Inu was also about 5% down to $0.000010.
Other crypto prices’ today performance also declined as Avalanche, Binance USD, Chainlink, Tether, ApeCoin, Solana, Cardano, Polygon, XRP, Terra, Stellar, Tron, Litecoin, Polkadot prices were trading with cuts over the last 24 hours, whereas Uniswap gained over 2%.
The global crypto market cap today remained above the $1 trillion mark, even as it was down more than a per cent in the last 24 hours at $1.03 trillion, as per CoinGecko.
Meanwhile, Britain would have the power to regulate all cryptoassets under a proposal the UK financial services minister has added to a draft law before parliament that will almost certainly pass, reported Reuters. Andrew Griffith, re-appointed as City Minister on Thursday by Britain’s new Prime Minister Rishi Sunak, put forth the amendment to the financial services and markets bill, which parliament has begun approving.
Bitcoin has traded in near lockstep with risk assets in the past couple of years, as pandemic-era stimulus flooded the global economy, and then as central banks like the Federal Reserve hiked rates to combat worsening inflation. After surging to an all-time high of almost $69,000 in November last year, Bitcoin’s price has been trading in a narrow range of around $20,000 since June this year.
In another news, Core Scientific Inc., one of the world’s largest miners of Bitcoin, warned that it may run out of cash by the end of the year and could seek relief through bankruptcy protection, reported Bloomberg. Bitcoin mining companies such as Core Scientific had recently been increasingly opting to sell equity, resorting to one of their least attractive options to raise money as profits dry up and higher interest rates makes borrowing more expensive.
(With inputs from agencies)
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