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Abstract:Bitcoin, the world’s biggest and best-known cryptocurrency, fell more than 4% on Tuesday as it extended a decline through a week that also included an upgrade to its blockchain. Bitcoin fell to $60,350 at its lowest for the day, taking losses from a record high of $69,000 struck on Nov. 10 to more than 11%. Ether, the second-biggest cryptocurrency by market value, was down 4.5% at $4,355.4.
Bitcoin, the worlds biggest and best-known cryptocurrency, fell more than 4% on Tuesday as it extended a decline through a week that also included an upgrade to its blockchain.
Bitcoin fell to $60,350 at its lowest for the day, taking losses from a record high of $69,000 struck on Nov. 10 to more than 11%.
Ether, the second-biggest cryptocurrency by market value, was down 4.5% at $4,355.4.
Cryptocurrency analysts said there did not seem to be any news driving the declines, and the moves seemed driven by profit taking after the sharp run-up.
“There is a lack of news and this is some pure selling of spot and some additions of short selling. Outside of this, there is no significant news,” said Matthew Dibb, chief operating officer at Singapore-based crypto asset manager Stack Funds.
Bitcoins value has more than doubled since June, driven by mainstream adoption of cryptocurrencies and, more recently, the launch of futures-based bitcoin exchange-traded funds in the United States.
It went through a major upgrade, called Taproot, on Sunday that enables its blockchain to execute more complex transactions, potentially widening the virtual currencys use cases and making it a little more competitive with ethereum for processing smart contracts. Smart contracts are self-executing transactions whose results depend on pre-programmed inputs.
(Reporting by Tom Westbrook and Vidya Ranganathan; Editing by Jacqueline Wong)
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The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
“One Bitcoin will easily trade at $500,000,” Anthony Scaramucci said in an interview with CNBC.
The Bitcoin market has rallied just a bit during the course of the trading session on Thursday to show signs of stability, right around the $65,000 level. This is an area that of course is somewhat important, but when you look at the Ethereum market, it is very likely that the most important attention is paid to the $10,000 level increments. The $5000 level in between each of them is somewhat important, but it is essentially minor support and resistance. It is because of this that I think the trend continues to go higher. After all, this is a simple pullback in what has been a very strong move to higher levels.
Cynthia Lummis, the Republican US Senator from Wyoming, has disclosed she made a Bitcoin (BTC) purchase worth up to $100,000 on August 16. According to the filings made on Thursday, which were unveiled outside of the reporting deadline set by the Stop Trading on Congressional Knowledge (STOCK) Act, the transaction ranged between $50,001 to $100,000.
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