Bitcoin Slips From Record High; Solana Up 11%

Bitcoin Slips From Record High; Solana Up 11%


Business oi-Sneha Kulkarni


Bitcoin fell from its all-time high two days ago after the launch of the first US bitcoin futures exchange-traded fund, causing cryptocurrency prices to plummet today. The price of the world’s most valuable cryptocurrency by market capitalization went down 4% to $62,740.

While bitcoin has lost over $5,000 in a single day, Solana has risen nearly 10% since yesterday and is now trading at $200.

Bitcoin Slips From Record High; Solana Up 11%

Ether, the second-largest cryptocurrency and the unit linked to the Ethereum network, was down over 2% to $4,112. Cardano prices dropped nearly 3% to $2.16, while dogecoin prices dropped 3% to $0.24. Other digital tokens such as Shiba Inu, Binance Coin, Litecoin, Uniswap, and XRP have all had price drops in the previous 24 hours, but Solana is up over 10%.

On Thursday, the country’s top securities regulator, the Securities and Exchange Board of India (SEBI), sent a notice to advisers advising them not to deal in assets that are not regulated in India.

FTX Trading, a crypto firm, acquired new money at a valuation of $25 billion from a slew of big-name venture capitalists, making it one of the world’s most highly valued crypto startups. The $18 billion financings was led by investors such as the Ontario Teachers’ Pension Plan Board, Temasek, and Tiger Global, as well as other investors.

Walmart, an American global retail business, is apparently planning to allow customers to buy bitcoin via ATMs installed in some of its US stores. The effort was made feasible thanks to a partnership between Coinstar and Coinme, a retail powerhouse.
The ProShares Bitcoin Strategy ETF (ticker BITO) is experiencing a surge in popularity. The Chicago Mercantile Exchange (CME) has already set a restriction on the number of futures contracts the fund can own.

Story first published: Friday, October 22, 2021, 17:28 [IST]

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