Major cryptocurrencies are trading lower for the second consecutive day on Wednesday. Bitcoin, the world’s biggest and best-known cryptocurrency, slipped below $60,000 and was trading at $59,077.49 on the crypto exchange CoinDesk at 8.40 am (IST). This is nearly $10,000 fall from the record high of $69,000 that hit on November 10.
Ethereum, another popular and the second-biggest cryptocurrency by market value, fell more than 5 percent to $4,111.24 at 8:40 am on Wednesday.
Shiba Inu, which grabbed attention of the investors with stellar gains, fell over 5 percent to $0.000048 at 9 am on the CoinDesk.
Meme crypto Dogecoin also continued to be in the red for the second consecutive day, losing nearly 5 percent to $0.235341 at 9 am.
Solana plunged 4.65 percent to $215.25 on the exchange at 9 am. Other cryptocurrencies such as XRP, Litecoin, Stellar, Cardano, Polkadot, and Uniswap were also trading with cuts over the last 24 hours.
According to a Reuters report, cryptocurrency analysts could not identify any particular news driving the falls, which they said seemed to be driven by profit-taking after a recent sharp run-up.
Meanwhile, RBI Governor Shaktikanta Das on Tuesday expressed his concerns over cryptocurrencies, for the second time in a week, saying there are “far deeper issues” involved in virtual currencies that could pose a threat to the country’s economic and financial stability.
The statement came within a few days of the Prime Minister holding a meeting on the cryptocurrencies amid worries over misleading claims of huge returns on cryptocurrency investment.
Bitcoin has more than doubled in value since June, driven by the mainstream adoption of cryptocurrencies and the launch of futures-based bitcoin exchange-traded funds in the US.
On Sunday, Bitcoin went through a major upgrade that enables the blockchain to execute more complex transactions.
Bitcoin has been quite volatile over the year. Following the cryptocurrency crackdown in China, the cryptocurrency had fallen below $30,000 in June.
(Edited by : Bivekananda Biswas)
First Published: IST