All popular cryptocurrencies are trading weaker on Wednesday due to higher sell-off by investors. Bitcoin, the world’s most popular cryptocurrency, is trading just above $40,000. Check the latest cryptocurrency prices.
Bitcoin, the world’s most popular cryptocurrency, continues to remain under pressure and has fallen nearly 10 per cent. (Photo: Reuters)
The cryptocurrency market is back under pressure on Wednesday, with most virtual coins trading at a loss. The broad-based gains seen on Tuesday have eroded sharply today as bigger and smaller cryptocurrencies faced sell-off pressure.
The sell-off witnessed in the cryptocurrency market has been triggered by uncertainties over inflation, which has prompted investors to reduce exposure to riskier assets.
Another factor that has weighed on digital coins was the Chinese ban on financial institutions providing services related to cryptocurrency transactions, reported news agency Reuters.
Bitcoin, the world’s most popular cryptocurrency, remains under pressure and has fallen nearly 10 per cent, down to $40,779.88 at around 9:10 am.
There are high chances that Bitcoin may fall below $40,000 as the day progresses, given the fact that the cryptocurrency is going through a turbulent run.
The rise of ‘altcoins’ — the term used for all other cryptocurrencies except Bitcoin — such as Ethereum are mainly responsible for the value erosion of Bitcoin. Ethereum has been gaining popularity rapidly and aspires to be the backbone of the future financial system.
However, Ethereum has also buckled under pressure after rising nearly 3 per cent yesterday, and it is trading lower by over 8 per cent. As of 9:30 am, Ethereum was trading at $3,093, down 8.40 per cent.
Other smaller cryptocurrencies including the popular Dogecoin have also seen sharp value erosion, falling over 12 per cent on Wednesday. However, unlike Ethereum, the long-term prospects of cryptocurrencies like Dogecoin remain uncertain.
Chainlink (Link) is one of the few virtual coins that has managed to trade in positive territory, though it is witnessing increased volatility.
Here are the latest prices and trends of popular cryptocurrencies:
|Cryptocurrency||Price (US Dollar)||
Market cap (Billion)
|Chainlink (LINK)||39.18||0.39%||$39.18||$2.94 billion|
The prices have been updated as of 9:30 am and will change as the day progresses. The list is intended to give a rough idea about popular cryptocurrency trends and will be updated on a daily basis.
Check Tuesday’s cryptocurrency prices
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