Tuesday, January 31

Prices of Bitcoin, Ether, and Dogecoin Drops

CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data

Bitcoin prices fell almost 4% today to $42,421. The world’s biggest cryptocurrency by market value is up 45 percent year to far but remains well behind its April high of over $65,000.

Ether, the token associated with the Ethereum network and the second biggest cryptocurrency, also fell almost 7% to $2,956.8. Cardano prices fell 4% to $2.16, while dogecoin prices fell 3% to $0.20. Other digital currencies like as XRP, Litecoin, Stellar, and Solana have all seen a drop in value over the past 24 hours.

“Ethereum has been on a declining trend since early September. We anticipate a trend breakout from the pattern’s top as ETH forms the unique cup handle and handle pattern over the extended term. We may see ETH finding support around $ 2,600 before bouncing back and initiating its bullish reversal cycle,” Siddharth Menon, COO of WazirX, said.

He said that the entire market capitalization of cryptocurrencies is slightly around $ 2 trillion. Volumes have been quite steady over the last several weeks.

As of September 24, cryptocurrency investment products and funds saw inflows for the sixth consecutive week, according to digital asset management CoinShares. Last week, the industry saw $95 million in inflows, topped by $50.2 million in bitcoin investments. Cryptocurrency inflows totaled $320 million over the past six weeks. Inflows totaled $6 billion in 2021.

Bitcoin took the brunt of the previous two quarters’ poor market sentiment. The previous week’s inflows were just the fourth in the last seventeen weeks. Thus far this year, bitcoin inflows have been strong, totaling $4.3 billion.

China’s authorities stepped up their assault on cryptocurrencies this week, imposing a blanket ban on all crypto transactions and mining, slamming bitcoin and other major coins, and putting pressure on crypto- and blockchain-related companies. Binance and Huobi, two of the world’s biggest cryptocurrency exchanges, announced they will shut down all user accounts in mainland China by the end of the year, just days after the country’s central bank ruled all bitcoin transactions unlawful.

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