Bitcoin’s price plummeted below the value of $63,000. The price of Bitcoin has fallen over 1 percent to $62,469.5.
Most people are familiar with bitcoin, the world’s most valuable cryptocurrency, which has appreciated by 116% this year (till date) and nearly $67,000 in October.
Ether, the crypto coin associated with the ethereum blockchain, saw a decline by 1% to reach the value of $4,555. On the other hand, Dogecoin witnessed a fall of 1% to stand at $0.26.
The value of a variety of cryptocurrencies has increased in the last 24 hours, including XRP, Solana, Cardano, Uniswap, Litecoin, and Polkadot.
Shiba Inu, which has been on a streak since earlier this year, dropped 11 percent to $0.000059.
Ether, the world’s second-largest cryptocurrency, reached an all-time high on Wednesday, catching up with bitcoin’s surge and riding on news of broader blockchain adoption.
Since October, the steady flow of news on bank adoption of cryptocurrencies, the proliferation of nonfungible tokens on virtual gaming platforms, the introduction of bitcoin futures-based U.S. ETFs, and an investor need for diversification in an uncertain interest rate climate have pushed several blockchain tokens, including bitcoin and ether, higher.
Bitcoin’s value has increased over four times in the previous year and landed a record mark of near $67,000 last month.
It is due to the optimism regarding the initiation of Bitcoin futures-backed exchange-traded funds in the country. Moreover, the concerns such as China’s attack on the digital asset world also contributed on this subject.
Meanwhile, Commonwealth Bank of Australia, the country’s largest bank, announced on Wednesday that it will be the first to provide retail clients crypto services.
According to crypto-assets researcher CryptoCompare, the assets under management in digital investment products rose 45.5 percent in October to a record high of $74.7 billion.
The total AUM for bitcoin-related investments rose to $55.2 billion, up 52.2 percent from the last year, while ethereum-based funds saw a 30% increase to $15.9 billion, surpassing previous highs by a wide margin.
