Bitcoin prices today fell below $ 60,000, their lowest level in more than a week, after a record high reached last week. The biggest in the world cryptocurrency by market capitalization it was trading 3.5% down at $ 58,725. Bitcoin is up over 30% this month and the digital token is still on track for its best month since February.
Bitcoin has been on a historic rally, topping $ 65,000 last week, as two futures-backed US Bitcoin ETFs made their debuts and attracted more than $ 1 billion in cash. The ProShares Bitcoin Strategy ETF, or BITO ticker, racked up more than $ 1 billion in assets just days after its launch last week.
Ether, the ethereum blockchain-linked currency and the second largest crypto, also plunged around 5% to $ 3,959 and the smaller tokens were hit as well, with Dogecoin and Solana each dropping more than 8% to $ 0, 23 and $ 185 respectively. Many smaller altcoins were hit the hardest with Cardano and XRP losing 11% in the last 24 hours and Uniswap, Polkadot, Ltecoin were down roughly 9-10%.
On the other hand, the Shiba Inu coin, which has been on a record rally since recent sessions, rose more than 70% in the last 24 hours to $ 0.00008241, according to CoinGecko. It is currently the ninth largest crypto with a market value of around $ 40 billion.
The Shiba Inu trade has been volatile on its way up. Crypto crashed earlier this week after Elon Musk tweeted that he did not own the coin. However, the growing clamor from Robinhood Markets to add the Shiba Inu coin to their platform is helping to propel the cryptocurrency to record highs.
Crypto funds posted inflows totaling $ 1.47 billion last week, the largest on record, according to digital asset manager CoinShares. Bitcoin saw 99% of the entries totaling $ 1.45 billion last week. Additionally, year-to-date (YTD) inflows now stand at $ 8 billion, beating the 2020 record of $ 6.7 billion.
(With inputs from agencies)
Don't miss a story! Stay connected and informed with Mint.
Download
our application now !!
