Bitcoin cracks 17% to fall below $30,000 level as crypto rally stumbles

bitcoin

Top cryptocurrencies continued to fall on Friday morning with bitcoin cracking more than 17% to stumble below the $30,000 level for the first time since 4 January 2021. The biggest cryptocurrency in terms of the market capitalization pared some losses later and was trading at $30,850, down 11.28% at around 1.30 pm (IST), as per data available with WazirX.

Bitcoin on Thursday had posted its biggest single-day fall of 13% since March 2020. During the last 24-hour period, bitcoin hit a high of $34,693.52 and a low of $28,845.31.
“In early January this year, bitcoin rose to an all-time high of around $42,000. However, as expected, it saw a rectification this week and continues to remain one of the most dominant players. We expect the crypto market to remain volatile. Most of the top-performing cryptocurrencies will steer closer to the current valuation with minor fluctuations. Investors are advised to be watchful and would be well advised to stick to better-known crypto assets. There is no substitute for due diligence before investing,” said Neeraj Khandelwal, co-founder, CoinDCX, a cryptocurrency exchange.

Meanwhile, the second-biggest cryptocurrency ethereum was trading 12.81% lower at $ 1,146.28. Other major cryptocurrencies such as stellar and ripple were trading 10.05% and 11.30% lower, respectively. However, the most traded cryptocurrency, tether, fared largely better with a marginal fall of 0.16% to $1.00.

In another crucial development, Blackrock, the world’s largest asset manager with $7.81 trillion under management, authorized two of its funds to invest in bitcoin futures as per its release on Security and Exchanges Commission (SEC).

Earlier in the week, former US Federal Reserve’s Chairperson Janet Yellen’s had said that cryptocurrencies are “mainly” used for illegal activities. She is the US president’s Joe Biden’s nominee for the US treasury secretary.

News Source:- livemint

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