Cyptocurrency Prices Today: Cryptocurrencies fell sharply on Friday, with sudden selling dragging bitcoin to a three-week low. Bitcoins slipped below the $23,000 mark amid the anticipation of further rate hikes. Manoj Dalmia, founder & director, Proassetz Exchange, said: “BTC is still trading above its support levels. After a weekly close above $24000, BTC managed to reach its resistance level of $25200. Currently, it has retraced to $23000 and is still trading in a range-bound zone between $22800 and $25000. A breakout with a volume above $25200 can lead to $29000. Overall, the trend is sideways and a breakout on either side can only justify a new trend."
Even for Ethereum, the merge excitement got done and dusted. Experts see a range-bound movement in the days ahead. The global cryptocurrency market cap has taken a hit and is down by 2.76 per cent from Thursday’s levels. Data from CoinMarketCap, a cryptocurrency data aggregator, showed that the global cryptocurrency market cap stands at $ 1.09 trillion, lower than Thursday’s $1.12 trillion.
Even for Ethereum, the merge excitement got done and dusted. Experts see a range-bound movement in the days ahead. Shiba Inu plunged 12 per cent, whereas Avalanche and Dogecoin dropped up to 14 per cent each. Cardano and Polkadot declined 8 per cent each.
The European Central Bank (ECB) said it would harmonise how banks offer crypto assets to ensure they have enough capital and expertise in a sector some European Union lawmakers have described as the Wild West. Several crypto companies like Binance and Crypto.com have been authorised in EU countries such as Italy, France, Spain, Greece or Germany after complying with national safeguards to combat money laundering and terrorist financing.
Bitcoin $21,761.07 or 7.46 per cent loss in the last 24 hours
Ethereum $1,740.10 or 6.15 per cent loss in the last 24 hours
Cardano $1.00 or 0.00 per cent loss in the last 24 hours
Tether $1.00 or 0.02 per cent gain in the last 24 hours
XRP $0.3427 or 8.98 per cent gain in the last 24 hours
Solana $36.32 or 11.70 per cent loss in the last 24 hours
Dogecoin $0.06979 or 13.98 per cent loss in the last 24 hours
Bitcoin is the world’s first ever decentralised cryptocurrency or digital coin. It is termed as a decentralised cryptocurrency as it is not under the control of any financial regulatory authority around the world and relies on peer-to-peer software and cryptography.
Created over a decade ago, it has gained immense popularity over the years and is the world’s most popular cryptocurrency. The popular cryptocurrency utilized the Bitcoin blockchain for transactions.
Each Bitcoin is made up of 100,000,000 satoshis or the smallest units of Bitcoin, making an individual Bitcoin divisible up to 8 decimal places. This is why people can even buy fractions of a Bitcoin as well.
It may be noted that there are no physical Bitcoins and only balances are recorded in a public ledger. All Bitcoin-related transactions are registered using a massive amount of computing power and the process is known as “mining”.
As mentioned earlier, Bitcoin is not issued or backed by any banking entity or government around the world. While it is not considered a legal tender in most countries in the world, Bitcoin has been gaining in popularity, following which hundreds of other cryptocurrencies have been launched.
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