After breaking records last week, bitcoin price today plunged below $60,000, its lowest level in over a week. world’s largest cryptocurrency The market was trading at $58,725, down 3.5% by capitalization. Bitcoin is up over 30% this month, and the digital coin is still on track for its best month since February.
Bitcoin has been on a historic rally, surpassing $65,000 last week, as two futures-backed US bitcoin ETFs made their debut and attracted over $1 billion in cash. The ProShares Bitcoin Strategy ETF, or ticker BITO, amassed more than $1 billion in assets in just days after its launch last week.
Ether, the coin and the second largest crypto tied to the Ethereum blockchain, also sank nearly 5% to $3,959 and smaller tokens were also hit, with Dogecoin and Solana each falling more than 8% to $0.23 and $185, respectively. Several smaller alt coins were hit hardest in the last 24 hours with Cardano and XRP down 11% and Uniswap, Polkadot, Ltecoin down around 9-10%.
On the other hand, the Shiba Inu coin, which has been on a record rally for the past few sessions, rose over 69% to $0.00008241 in the past 24 hours, according to CoinGecko. It is currently the 9th largest cryptocurrency with a market cap of around $40 billion.
Trading in the Shiba Inu has been volatile on its way. Crypto declined after Elon Musk tweeted earlier this week that he did not own the coin. However, the growing demand for Robinhood Markets to add Shiba Inu Coin to its platform is helping the cryptocurrency to record highs.
According to digital asset manager CoinShares, crypto funds saw a total inflow of $1.47 billion last week, the largest on record. Bitcoin saw 99% of the total inflows totaling $1.45 billion last week. Additionally, year-to-date (YTD) inflows are now $8 billion, surpassing the record $6.7 billion in 2020.
(with inputs from agencies)
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