Bitcoin plummets, ether, other cryptos plunge too. Check Cryptocurrency Prices Today

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Cryptocurrency prices plunged today as Bitcoin fell from its all-time high it reached two days ago after the launch of the first U.S. bitcoin exchange-traded fund. The price of the world’s largest cryptocurrency by market cap was trading down 4% to $ 62,740.

Ether, the coin linked to the ethereum blockchain and the second largest crypto, fell more than 2% to $ 4,112, according to CoinDesk. Cardano prices fell almost 3% to $ 2.16, while dogecoin also slipped 3% to $ 0.24. Other digital tokens like Shiba Inu, Binance Coin, Litecoin, Uniswap, XRP were also trading with cuts in the past 24 hours, however, Solana was up over 10%.

Bitcoin hit a record high of $ 66,974 on Wednesday, the recent rally came six months after its previous high of $ 64,895, fueled by the launch of the ETF ProShares Bitcoin Strategy. Investors have bet that the long-awaited launch of bitcoin ETFs will lead to increased investment from retail and institutional investors.

Still, analysts at JPMorgan have expressed doubts about the duration of the increase in the price of bitcoin by the ProShares ETF, which trades under the symbol BITO. “Will the launch of BITO on its own bring much more fresh capital to bitcoin? We doubt that given the multitude of investment choices that bitcoin investors already have,” they wrote in a note. , as reported by Reuters.

The ETF does not invest directly in Bitcoin. Instead, it invests in the Bitcoin-linked futures market. Someone with an old-fashioned brokerage account can buy the ETF, for example, without having to open a crypto trading account.

(With contributions from agencies)

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