In cryptocurrency, the bitcoin price is down more than 4% today to $42,421. The world’s largest cryptocurrency by market capitalization is up 45% this year (year-to-date), and is well below its record of nearly $65,000 in April.
Ether, the coin and the second largest crypto tied to the Ethereum blockchain, also fell as it fell nearly 7% to $2,956.8. Cardano price dropped 4% to $2.16 while Dogecoin fell 3% to $0.20. The performance of other digital tokens including XRP, Litecoin, Stellar, Solana has also declined in the last 24 hours.
Cryptocurrency investment products and funds remained invested for the sixth consecutive week as of September 24, data from digital asset manager CoinShares. Inflows into the sector reached $95 million last week due to an investment of $50.2 million in bitcoin. Over the past six weeks, cryptocurrency inflows have reached $320 million. For 2021, inflows were $6 billion.
Bitcoin bore the brunt of negative investor sentiment over the past two quarters. Last week’s inflow was only the fourth week out of the last 17. Bitcoin inflows have been strong at $4.3 billion so far this year.
Last week, China’s regulators imposed a tough ban on cryptocurrencies, killing all crypto transactions and mining, killing bitcoin and other major coins, and putting pressure on crypto- and blockchain-related stocks.
Binance and Huobi, one of the world’s largest cryptocurrency exchanges, said they will close all user accounts in mainland China by the end of the year, days after the country’s central bank declared all crypto-related transactions illegal. after.
(with inputs from agencies)
Don’t miss a story! Stay connected and informed with Mint.
download
Our App Now!!
.