Bitcoin Rally Halts As Value Falls Below $ 57,000, Ether Leads Fight Against Altcoin

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Bitcoin and its bullish rally over the past week to set a new all-time high of over $ 65,000 (around Rs. 48,938 17) may have hit a slowdown as the world’s most popular cryptocurrency has ended Tuesday with a drop of over 1.65%. Priced at a five-month high of over $ 59,800 (around Rs. 44.77,977) on CoinSwitch on Tuesday morning, Bitcoin, at the time of writing, was trading at $ 58,640 (around Rs. 44.19.655) with a valuation on Binance and CoinMarketCap being considerably lower. While this looks like the end of a massive rally for the cryptocurrency, with a 94% increase in valuation since the start of the year, it shouldn’t be long before we see a positive rebound.

Meanwhile, Ether and other altcoins appear to have had a better performance mid-week, although Tuesday’s trade ended bleak for most crypto assets. Gadgets 360’s cryptocurrency price tracker shows Ether closed 1.47% lower, but almost recovered from that on Wednesday morning, trading at Rs. 2,776,741 (around 3 $ 672) on CoinSwitch Kuber Wednesday. The second most valued cryptocurrency hasn’t seen a steady evolution like Bitcoin, but the Ethereum-based asset has had a positive start to the day.

Further down the altcoin pecking order, Cardano, Tether, Ripple, and Polkadot all fell a few percentage points on average. Dogecoin fell 3.27% to start trading on Wednesday at Rs. 18 (around $ 0.24). SHIB fans didn’t have a good day either, with values ​​down 9.89%.

JPMorgan Chase CEO Jamie Dimon recently told a conference that cryptocurrencies will sooner or later be regulated by governments and that he personally thinks Bitcoin is “worthless.” That said, the CEO of America’s largest bank assured that he now has no problem offering investment options to his Bitcoin-hungry clients given their great interest in cryptocurrencies. JPMorgan began offering its wealth management clients access to crypto assets in July of this year.

Dimon, who has been vigorously critical of digital currency for some time now, doesn’t appear to have an immediate impact on Bitcoin trading prices, but the cryptocurrency saw a dip in the mood towards the end of the day.

In related news, the NFT rage appears to have shifted to chess, as Grandmaster Magnus Carlsen became the first person to receive an NFT trophy for winning an international chess tournament.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting Founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is unregulated digital currency, not legal tender and subject to market risk. The information provided in the article is not intended to be and does not constitute financial advice, business advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be liable for any loss resulting from any investment based on a perceived recommendation, forecast or any other information contained in the article.

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