Bitcoin Price: Why Is Crypto Down Today? Bitcoin, ETH and Shiba Inu cryptocurrency prices as Cardano plunges

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The price of Bitcoin fell again on Tuesday, November 16, along with cryptocurrency prices across the board, just days after the world’s largest cryptocurrency hit a new record high of $ 69,000 in value on November 10.

Wednesday’s (November 24) crypto drop follows renewed regulatory commitments from governments around the world, with the Indian government drafting a bill that would ban “private cryptocurrencies” as China tightens its crackdown on cryptocurrency mining and transactions in the country.

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The price of Bitcoin has fallen almost 1.6% at the time of writing (5:40 p.m.) in the last 24 hours, with the price of Cardano down over 9% in the last 24 hours and 13.15% over the previous week according to Coinbase.

Bitcoin Price: Why Is Crypto Down Today? Bitcoin, ETH, and Shiba Inu cryptocurrency prices as Cardano plunges (Image credit: Getty Images / Canva Pro)

Here’s why crypto is falling today, why Ethereum, Solana, Cardano, XRP, Shiba Inu, and Dogecoin coin prices are falling – and how much they’re worth today.

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Ethereum Price: How Much Is Ethereum Worth Today? Ethereum price today, pr …

How much is Bitcoin worth today?

As of Wednesday, November 24, the price of Bitcoin traded just over 1% to $ 56,753 (£ 42,526) in the past 24 hours, according to CoinDesk.

Cardano was trading down more than 9% on Wednesday at 5:40 pm – and 13% lower from last week’s value. (Image credit: alfernec via Canva Pro)

Bitcoin crashed below its $ 60,000 threshold on November 18, with the coin’s price fluctuating around $ 58,000 since then.

It nearly passed $ 60,000 on Sunday night – hitting $ 59,914.93 by 5 p.m. Sunday.

The price of the major cryptocurrency has seen recent gains of nearly $ 10,000 wiped off the board for Bitcoin after coming as close as possible to a new all-time low of $ 70,000.

After climbing in value to $ 69,000 at 2 p.m. on November 10, Bitcoin’s price fell to $ 64,292.43 at 10 p.m. on the same day.

Crypto data aggregator CoinMarketCap saw a 12.91% drop in Bitcoin trading volume, with $ 33,785,731,422 worth of Bitcoin traded in the past 24 hours.

Why is Bitcoin down today?

The bullish rise in the price of Bitcoin to nearly $ 70,000 came as investors hoped that the $ 1,000 billion market cap would stay firmly in place before a period of volatile trading.

But its fall below $ 60,000 last week represented a long-awaited pullback as investors testing the strength of support below higher thresholds for the coin and to stabilize the risk to rising inflation and the impact of President Joe Biden’s $ 1,000 billion infrastructure bill on cryptocurrency trading in the United States.

The Infrastructure Bill, enacted by the US President on Monday, November 15, contains provisions that could require cryptocurrency brokers or exchanges to report the names and addresses of their clients as well as cryptocurrency earnings. and tax requirements on companies or stock exchanges receiving more than $ 10,000. cryptocurrency or digital assets.

This week, however, also saw new signs of concern in global markets – the Indian government proposing cryptocurrency regulatory legislation that would ban all private holdings of cryptocurrency.

The Indian government’s official cryptocurrency and digital currency regulation bill has raised fears of a crypto ban in the country, where the price of Bitcoin plummeted in the early hours of Wednesday morning.

Such moves to regulate the cryptocurrency market come weeks after the Chinese government reiterated its ban on cryptocurrency mining and cryptocurrency-related transactions, which it declared officially illegal in September.

And despite reports from Tuesday, October 26 that US regulators are looking for new ways for banks to hold crypto assets and deal with their surge, the SEC recently rejected VanEck’s proposal for its own Bitcoin Exchange-Traded Future. (AND F).

The SEC cited fears about “fraudulent and manipulative acts and practices” in the cryptocurrency market as the basis for its rejection of VanEck’s futures proposal, mirroring that of the ETF ProShares Bitcoin Strategy.

Bitcoin futures ETFs are designed to allow investors to trade in futures contracts and away from the usual means of crypto exchanges like Binance, which have come under further scrutiny from regulators in the world. whole world.

Thanks to crypto ETFs, investors can speculate on the future cost of cryptocurrencies without having to own them themselves.

What are the prices of Ethereum, Shiba Inu and Cardano today?

With cryptocurrencies often moving in tandem with Bitcoin, Ethereum, the cryptocurrency synonymous with the growing NFT crypto trend, was trading nearly 3% on Wednesday after hitting a new high of nearly $ 5,000 at the start. November.

Ethereum’s price was fluctuating around $ 4,238.26 (£ 3,177.30) on Wednesday at 4:28 p.m., compared to $ 4,842.54 at 6 a.m. on November 9.

The hype surrounding the popular memecoin Dogecoin had seemed to decrease recently as new altcoins took center stage.

The Shiba Inu coin is trading around 11% in the last 24 hours to around $ 0.00003740 (0.0002810) as of 4:30 p.m. today after breaking several records in late October.

Dogecoin, meanwhile, was trading around 6.5% in the past 24 hours at $ 0.214556 (£ 0.16) on Wednesday afternoon.

Meanwhile, Cardano (ADA) prices are fluctuating around $ 1.62 (£ 1.21) down almost 10% in the past 24 hours, XRP was down 2.83% to 1 , $ 02 (£ 0.767650) and Solana at $ 205.90 (£ 154.45) at 5.35 p.m. Wednesday.

Why is Cardano down today?

The price of Cardano (ADA) fell more than 9% on Wednesday after the U.S. cryptocurrency exchange, eToro, announced that it would soon delist the coin for U.S. users due to regulatory concerns.

“EToro will limit ADA and TRX for users in the United States,” the platform said on its website on Tuesday.

“US users will not be able to open new ADA or TRX positions from December 26, 2021.

“In addition, the staking of these assets will end on December 31, 2021.

“These changes are due to business considerations in a changing regulatory environment. “

This move came as a shock to ADA investors, as the cryptocurrency has not received such close scrutiny from other cryptocurrencies such as XRP, which makes the the subject of legal action with the SEC since 2020.

It is believed that eToro’s move comes in the wake of the passage of the infrastructure bill and the threat posed to cryptocurrencies that could be considered securities by the SEC.

While cryptocurrencies like Bitcoin and Ether function as a form of digital currency designed to be used as an alternative to the British Pound, US Dollar, or other currencies, crypto assets as securities would simply be financial assets. digitized – and subjected to more regulation and taxation as a result.

According to data from Coinbase, the 9% drop in the price of Cardano resulted in a 95% increase in trading volume in the last 24 hours and 68% of that represents Coinbase customers buying the drop and increasing their stake. in ADA.

When was the last major crypto crash?

In June, the Chinese government cracked down on major ongoing cryptocurrency mining operations in Sichuan province and demanded that Chinese banks and payment channels stop supporting decentralized and anonymous crypto transactions.

This saw Bitcoin prices drop below $ 30,000 in a dramatic drop after its skyrocketing success.

Cryptocurrency has continued to rise and fall as other global governments and regulators consider legislation to curb the increase in crypto activity often attributed to money laundering and crime.

Following the Chinese state’s decision, countries like South Korea have also pledged to tackle the increase in money laundering through cryptocurrency, while the Metropolitan Police have announced that they are had successfully completed a massive cryptocurrency money laundering operation in the UK.

In July, the Met seized a cryptocurrency transaction valued at £ 180million, the UK’s largest cryptocurrency seizure to date.

In turn, cryptocurrency exchanges such as Binance felt the heat across the globe as regulators and governments began to pay close attention to the operations of these platforms as a result. of the global crypto crackdown.

The result of this saw Bitcoin’s highest prices cut in half in June, with the coin struggling to break out of the low to mid price range of $ 30,000 until it gets a boost. welcome from Tesla founder Elon Musk during his appearance at the big Bitcoin conference in July. .

The bullish spike and increased confidence in Bitcoin will likely see it stay at prices fluctuating between $ 60,000 and $ 70,000, but with increased resistance as it turns to a price prediction of $ 100,000 in 2022.

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