Bitcoin, ether, dogecoin slip. Latest rates here

Cryptocurrency prices today were mixed the world’s largest digital asset fell as much as 4% to $31,472, its lowest level in about three weeks. The world’s largest cryptocurrency has been stuck in a range between about $30,000 and $40,000 for weeks after reaching its all-time high near $65,000.

As per CoinDesk data, Bitcoin was down 3% to $31,879. Ether, the coin linked to ethereum blockchain also fell nearly 3% to $1,941.7. Dogecoin, on the other hand, declined over 6% to $0.18. Other cryptocurrencies like XRP, Litecoin, Cardano also plunged over the last 24 hours.

The moves come as cryptocurrencies and the prospect of digital money backed by central banks — otherwise known as CBDCs — become a topic of interest once again, with Federal Reserve Chair Jerome Powell in a hearing this week stressing the need to get such a project right. At the same time, the European Central Bank took a major step toward a digital euro by approving an “investigation phase” that could potentially lead to a virtual currency being implemented around the middle of the decade, Bloomberg reported.

Bitcoin has been having a hard time as of late. It’s been tracking its 20-day moving average, though it’s already trading below it and has struggled to jump above it sustainably. The coin could soon be approaching what many view as a critical support level — $30,000. A breach below that could indicate the coin continues its decline toward $25,000, which it hasn’t tested since late December.

In another news, Fintech company Square Inc is creating a new business focused on bitcoin, Chief Executive Officer Jack Dorsey said in a tweet on Thursday. The new company will focus on building an open developer platform with the goal of making it easy to create decentralized financial services.

(With inputs from agencies)

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint.
Download
our App Now!!

This news is republished from another source. You can check the original article here

Be the first to comment

Leave a Reply

Your email address will not be published.


*