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Bitcoin Value Falls Below $57,000

Bitcoin bullish rise over the last week, which saw the world’s most popular cryptocurrency hit a new all-time high of over $65,000 (approximately Rs. 48,93,817). Although it may have met a snag, the world’s most popular cryptocurrency ended Tuesday with a 1.65% drop.

On Tuesday morning, Bitcoin was trading around $58,640 (approximately Rs. 44,19,655), down from a five-month high of nearly $59,800 (about Rs. 44,77,977) on CoinSwitch. With a 94 percent year-to-date surge in value, it shouldn’t be long before you see a positive bounce.

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Meanwhile, while most crypto assets had a bad day on Tuesday, Ether and other altcoins appear to have done better in the middle of the week. On Wednesday morning, Ether traded at Rs. 2,76,741 (approximately $3,672) on CoinSwitch Kuber, according to Gadgets 360’s cryptocurrency price tracker. The second most valuable cryptocurrency, Ethereum, hasn’t had the same consistent run as Bitcoin, but it’s off to a good start.

Cardano, Tether, Ripple, and Polkadot, lower on the altcoin food chain, all plummeted by a couple of percentage points on average. Dogecoin dropped 3.27 percent to Rs. 18 (approximately $0.24) at the start of Wednesday’s trading. Fans of SHIB have had a bad day as well, with values down 9.89 percent.

JPMorgan Chase CEO Jamie Dimon recently stated at a conference that governments will regulate cryptocurrencies sooner or later and that he believes Bitcoin is “worthless.” Given their considerable interest in cryptocurrencies, the CEO of America’s largest bank has confirmed that he now has no difficulty presenting investment choices to his Bitcoin-hungry clients. JPMorgan started offering crypto assets to its wealth management clients in July of this year.

Although Dimon, who has been a vociferous critic of Bitcoin for some time, had a little immediate effect on Bitcoin transaction prices, the cryptocurrency did witness a mood-draining decline towards the end of the day.

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Nidhi Gandhi

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