Bitcoin, Ethereum Sink Further over Selloffs
Market prices of high-cap digital currencies assets fell on Tuesday due to thin trading witnessed amidst large retail investors’ selloff that plunged Bitcoin below $26,000.
The CoinDesk Market Index, which tracks 183 digital assets, retreated 1% in the past 24 hours. The technology-focused Nasdaq 100 index was up 0.1%, while the S&P 500 index and the Dow Jones Industrial Index were down 0.1% and 0.3%, respectively.
The US 2-year Treasury yield closed at 5.039% on Tuesday, up from 4.986% on Monday.
Bitcoin (BTC/USD), the largest cryptocurrency by market value, was changing hands at $25,847, down 1.1% in the past 24 hours, after reaching a day’s low of $25,737, CoinMarketCap data showed. Trading volume was $12.39 billion, down 4.5%.
The recent drop expanded the most popular cryptocurrency’s loss over the past 30 days to 14%. Ethereum (ETH/USD), the second-largest digital asset, declined 2.5% to $1,630, also expanding its slump in the past 30 days to more than 13%.
Recent developments and market sentiment have created an atmosphere of uncertainty around Binance Coin (BNB), with distrust for the exchange Binance, being the likely reason.
Lately, Binance has been subject to regulatory scrutiny. Furthermore, some of its abrupt decisions have left investors wondering if the exchange is still as solid as it claimed.
According to CoinMarketCap, BNB’s price was $209.98. The coin reached this price because selling pressure ensured that it lost 12.31% of its value in the last seven days.
Today, BNB (BNB/USD), the fourth-largest digital asset, and XRP (XRP/USD), the fifth-largest, fell 1% and 2.2%, respectively. Cardano (ADA/USD), Dogecoin (DOGE/USD), and Solana (SOL/USD) decreased by 4%, 1.5%, and 5.3%, respectively.
The cryptocurrency industry’s global market capitalization retreated 1.1% in the past 24 hours to $1.04 trillion. The total trading volumes were $28.29 billion. #Bitcoin, Ethereum Sink Further over Selloffs Naira Steadies as Banks Issue Update on FX Purchase