BitcoinThe price fell again on Tuesday (November 16) alongside crypto prices across the board, just days after the world's largest cryptocurrency hit a new record high of $ 69,000 in value on November 10.
The cryptocurrency crash on Wednesday (Nov 24) comes on the heels of renewed regulatory promises from governments around the world, with the government of India drafting a bill that would ban 'private cryptocurrencies' as China reinforced its repression against cryptocurrency mining and transactions in the country.
The price of Bitcoin has fallen by almost 1.6% at the time of writing (5.40 PM) in the last 24 hours, and the price of Cardano is down more than 9% in the last 24 hours and the 13.15% the previous week according to Coinbase.
Here's why cryptocurrencies are down today, why the prices of Ethereum, Solana, Cardano, XRP, Shiba Inu Coin and Dogecoin are falling, and how much are they worth today.
How much is Bitcoin worth today?
On Wednesday, November 24, the price of Bitcoin was trading down just over 1% at $ 56,753 (ยฃ 42,526) in the past 24 hours, according to CoinDesk.
Bitcoin crashed below its threshold of $ 60,000 on November 18, with the price of the coin since then fluctuating around $ 58,000 since then.
It came close to breaking over $ 60,000 again Sunday night, hitting $ 59,914.93 at 5pm on Sunday.
The price of the major cryptocurrency has seen recent gains of nearly $ 10,000 wiped off the board for Bitcoin after it came closer to hitting a new all-time threshold of $ 70,000.
After rising in value to $ 69,000 at 2pm on November 10, the price of Bitcoin fell to $ 64,292.43 at 10pm on the same day.
Cryptographic data aggregator, CurrencyMarketCap, posted a 12.91% drop in Bitcoin trading volume, with a value of $ 33,785,731,422 in Bitcoin traded in the last 24 hours.
Why is Bitcoin down today?
Bitcoin's bullish price spike to close to $ 70,000 in value came as investors expected the $ 1 trillion market cap to hold firmly in place ahead of a volatile trading period.
But its slide below $ 60,000 last week represented a long-awaited pullback from investors who tested the strength of support below the higher thresholds for the currency and to stabilize the risk incurred by rising inflation and President. Joe bidenThe Impact of the $ 1 Trillion Infrastructure Bill on Cryptocurrency Trading in the US
The Infrastructure Bill, signed into law by the US President on Monday, November 15, contains provisions that could require cryptocurrency brokers or exchanges to declare the names and addresses of their clients along with cryptocurrency earnings. and the tax requirements in companies or exchanges that receive more than $ 10,000. of cryptocurrencies or digital assets.
This week, however, it has also seen more signs of concern in global markets, with the Indian government proposing cryptocurrency regulation legislation that would ban all private holdings of cryptocurrencies.
India's government-drafted official digital currency regulation and cryptocurrency bill has seen fears rise of a cryptocurrency ban in the country, where the price of Bitcoin fell in the early hours of Wednesday morning. .
Such moves to regulate the cryptocurrency market come several weeks after the Chinese government reiterated its ban on cryptocurrency mining and cryptocurrency-related transactions, which it officially declared illegal in September.
And despite reports on Tuesday, October 26, that US regulators are looking for new ways for banks to hold crypto assets and address their rise, the SEC recently rejected VanEck's proposal for its own Bitcoin Exchange-Traded. Future (ETF).
The SEC cited fears about "fraudulent and manipulative acts and practices" in the cryptocurrency market as the basis for its rejection of VanEck's futures proposal, mirroring that of the successful ProShares Bitcoin Strategy ETF.
Bitcoin futures ETFs are designed to allow investors to trade futures contracts and move away from the usual means of crypto exchanges like Binance, which have come under increased scrutiny from regulators across the world. world.
Through crypto ETFs, investors can speculate on the future cost of cryptocurrencies without having to hold it themselves.
What are the prices of Ethereum, Shiba Inu and Cardano today?
With cryptocurrencies often moving in tandem with Bitcoin, Ethereum, the cryptocurrency synonymous with the growing crypto trend of NFT, it was trading down nearly 3% on Wednesday after hitting a new high of nearly $ 5,000 in early November.
Ethereum's price was fluctuating around $ 4,238.26 (ยฃ 3,177.30) at 4.28pm on Wednesday, down from $ 4,842.54 at 6am on November 9.
The hype surrounding the popular memecoin Dogecoin had seemed to decline recently like new altcoins took center stage.
The Shiba Inu coin is trading down roughly 11% in the past 24 hours at roughly $ 0.00003740 (ยฃ 0.00002810) as of 4.30pm today after breaking multiple all-time highs in late October.
Meanwhile, Dogecoin was trading lower by about 6.5% in the past 24 hours at $ 0.214556 (ยฃ 0.16) on Wednesday afternoon.
In the meantime, Cardano (ADA) prices are fluctuating around $ 1.62 (ยฃ 1.21) in a nearly 10% drop in the last 24 hours, XRP was down 2.83% to $ 1.02 (ยฃ 0.767650) and Solarium at $ 205.90 (ยฃ 154.45) starting at 5.35pm on Wednesday.
Why has Cardano gone down today?
The price of Cardano (ADA) fell more than 9% on Wednesday after US cryptocurrency exchange EToro announced that it will soon delist the coin for US users due to regulatory concerns. .
"eToro will limit ADA and TRX for US users," the platform stated on its website on Tuesday.
โUS users will not be able to open new ADA or TRX positions as of December 26, 2021.
โIn addition, the participation in those assets will end on December 31, 2021.
"These changes are due to business-related considerations in the evolving regulatory environment."
The move has come as a shock to ADA investors, as the cryptocurrency has not received as much scrutiny from other cryptocurrencies like XRP, which has been subject to a SEC lawsuit since 2020.
The eToro shift is believed to come in the wake of the enactment of the Infrastructure Act and the threat it poses to cryptocurrencies that the SEC could consider securities.
While cryptocurrencies like Bitcoin and Ether function as a form of digital currency designed to be used as an alternative to the British pound, the US dollar, or other currencies, crypto assets like securities would simply be digitized financial assets and subject to more regulations and taxes. as a result.
According to Coinbase data, the 9% drop in Cardano price has led to a 95% increase in trading volume in the last 24 hours and 68% of this represents Coinbase customers buying the drop and increase their participation in ADA.
When was the last big crash for cryptocurrencies?
In June, the Chinese government cracked down on sizable cryptocurrency mining operations taking place in Sichuan province and demanded that Chinese banks and payment channels stop supporting decentralized and anonymous crypto transactions.
This caused Bitcoin prices to drop below $ 30,000 in a dramatic drop from its smash hit.
Cryptocurrency has continued to rise and fall as other global administrations and regulators ponder legislation to curb the rise in crypto activity that is often attributed to money laundering and crime.
Following the Chinese state move, countries such as South Korea have also pledged to address the rise in money laundering that takes place through cryptocurrency, while the Metropolitan Police announced that it had been successfully shut down in a large cryptocurrency money laundering operation in the UK.
July saw the Met seize a cryptocurrency transaction valued at ยฃ 180 million in the United Kingdomlargest cryptocurrency seizure to date.
In turn, cryptocurrency exchange platforms such as Binance They have been feeling the heat around the world as regulators and governments have started paying close attention to the operations of such platforms in the wake of the global crackdown on cryptocurrencies.
The result of this saw Bitcoin's highest prices cut in half in June, with the coin struggling to break out of the low-to-mid price range of $ 30k until it received a welcome boost from Tesla founder Elon Musk in his appearance at the major Bitcoin conference in July.
The bullish surge and increased confidence in Bitcoin will likely keep it at prices fluctuating between $ 60,000 and $ 70,000, but with increased resistance as it points to a price prediction of $ 100,000 in 2022.
