Cryptocurrency prices are dropping today. Check the latest rates for Bitcoin, ether, dogecoin, other cryptos

[ad_1]

In cryptocurrencies, Bitcoin prices were trading below $ 49,000 today. The world’s largest crypto broke above the $ 50,000 level on Monday for the first time since mid-May, as crypto prices continued an ongoing rally after a disorderly rout just three months ago. However, Bitcoin is up 65% this year, a far cry from its high of just below $ 65,000 in April.

According to CoinDesk, Bitcoin prices fell to $ 48,230, down almost 2%. Ether, the coin linked to the ethereum blockchain and the second largest crypto, plunged to $ 3,211, down more than 2.5%. Dogecoin, on the other hand, was trading with drops of 6% to $ 0.29. Other digital coins like Stellar, Uniswap, XRP, Litecoin, Cardano have also fallen by around 3-7% in the last 24 hours.

A consortium including Coinbase Global Inc. said all reserves in the second largest cryptocurrency stable coin would turn into cash and short-term U.S. Treasuries, forgoing riskier investments, Bloomberg reported.

Meanwhile, the US crypto exchange Coinbase received approval from its board of directors last week to buy more than $ 500 million worth of crypto. In addition, 10% of the company’s quarterly net income will now be invested in crypto assets.

Bitcoin had a meteoric run earlier this year, but in mid-May it began to crumble over a series of issues, including China’s crackdown on cryptocurrencies and the decision of Tesla’s boss, Elon Musk, to stop accepting it because of concerns about the environmental impact of mining.

Market sentiment benefited as PayPal Holdings Inc will allow UK customers to buy, sell and hold bitcoin and other cryptocurrencies starting this week. The rollout, which marks the first international expansion of PayPal’s cryptocurrency services outside of the United States, could inspire further widespread adoption of the new asset class.

(With contributions from agencies)

Subscribe to mint newsletters

* Enter a valid email address

* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our app now !!

The subjects

[ad_2]