Bitcoin and its bullish rally last week, which hit a new all-time high of over $ 65,000 (roughly 48.93.817), may have hit an accelerating threshold as the world’s most popular cryptocurrency ended Tuesday in a decline of over 1.65 percent . On CoinSwitch Tuesday morning at a five-month high of over USD 59,800 (approx. CoinMarketCap significantly lower. Although this looks like the end of a massive rally for the cryptocurrency with a 94 percent increase in valuations since the beginning of the year, it should not be long before we see a positive upswing .
Meanwhile, ether and other altcoins appear to have fared better mid-week, although trading ended bleakly for most crypto assets on Tuesday. Gadgets 360’s cryptocurrency price tracker reveals that Ether closed down 1.47 percent but almost rebounded on Wednesday morning, trading at Rs. 2,776,741 (about $ 3,672) on CoinSwitch Kuber on Wednesday. The second highest cryptocurrency didn’t have a stable run like Bitcoin, but the Ethereum-based asset has got the day off to a positive start.
Further down the pecking order of altcoins, Cardano, Tether, Ripple and Polkadot fell a few percentage points on average. Dogecoin fell 3.27 percent to start trading at Rs on Wednesday. 18 (about 0.24). SHIB fans did not have a good day either, the values fell by 9.89 percent.
Jamie Dimon, CEO of JPMorgan Chase, recently told a conference that sooner or later cryptocurrencies will be regulated by governments and that he personally considers Bitcoin to be “worthless”. However, the CEO of America’s largest bank has assured that he can now offer his Bitcoin-hungry customers investment opportunities without any problems given their high interest in cryptocurrencies. JPMorgan began providing access to crypto assets to its wealth management clients in July this year.
Dimon, who has been a vocal critic of digital currency for some time, didn’t appear to have had an immediate impact on Bitcoin trading prices, but the cryptocurrency took a mood-dampening slump towards the end of the day.
In related news, the NFT anger appears to have spread to the game of chess as Grandmaster Magnus Carlsen became the first person to receive an NFT trophy for winning an international chess tournament.
Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.
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