More

    Bitcoin, ether plunge while dogecoin gains. Latest rates

    Cryptocurrency prices today were mixed after Bitcoin in the past few sessions resumed its climb toward all-time highs on news of the launch of the first Bitcoin futures exchange-traded fund. The world’s largest cryptocurrency by market capitalization today was trading marginally lower at $61,919.

    “Bitcoin continues to trade above the $61,000 level. BTC trend is going through the updated channel pattern. With news of the Bitcoin exchange, Bakkt listing on the New York Stock Exchange, and the upcoming launch of the Bitcoin Futures ETF, BTC’s position could remain strong and soon break through previous ATH,” said Siddharth Menon, COO of crypto exchange WazirX.

    Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, plunged over 2% to $3,793, as per CoinDesk. Cardano prices fell 2% to 2.13 whereas dogecoin gained more than 3% to $0.24. On the other hand, other digital tokens like Shiba Inu, Binance Coin, Uniswap, Litecoin also gained over the last 24 hours, though Solana, XRP prices declined.

    The total cryptocurrency market cap exceeds $2.6 trillion, surpassing the previous ATH of $2.5 trillion. This is a historic event and can be attributed to Bitcoin’s recent rise, Menon added.

    Bitcoin price has surged in recent weeks, fueled by speculation that a US launch could be imminent. The crypto’s price has more than doubled from its late July low.

    The rising use of cryptocurrencies could undermine effectiveness of US economic and financial sanctions and potentially dent the role of the American dollar, the Treasury Department said Monday, as reported by news agency AFP.

    Following a review on the US sanctions system, Treasury found that “while sanctions remain an essential and effective policy tool, they also face new challenges including rising risks from new payments systems, the growing use of digital assets, and cybercriminals.”

    (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!!

    Related articles

    Comments

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    ‘It’s going to be very obvious that every bank needs to become a crypto bank,’ says CEO of bank to nab 1st federal charter...

    Happy Thursday! Welcome to Distributed Ledger, our weekly crypto newsletter. I’m Frances Yue, crypto reporter at MarketWatch, and I’ll walk you through the latest...

    Academic research claims ETH is a ‘superior’ store of value to Bitcoin

    Australian university researchers have questioned Bitcoin’s reputation as the best store of value network in cryptocurrency, with Ethereum on track “to becoming the world’s...

    SHIBA INU: What the Charts Say Is Next for Shiba Inu

    It’s been a wild ride for Shiba Inu (CCC:SHIB-USD). The cryptocurrency got hot in early October, then exploded higher at the end of the...

    NEKTR Set to Become the World’s First Pro-Medical Cannabis NFT Gaming Platform

    RICHLAND, Wash., Dec. 2, 2021 /CNW/ -- At a time when most countries still maintain a tough legal regime prohibiting the use and supply...

    WazirX, Presearch and Komodo rally after data shows a surge in user activity

    The characteristically volatile nature of the cryptocurrency market is back in full force on Dec. 2 after the optimism of the past couple of...

    Newsletter

    Subscribe to stay updated.