Bitcoin, Ether and other crypto prices are falling today while Uniswap is rising
In cryptocurrencies, the world’s largest and most popular digital token Bitcoin traded more than 2% lower at $20,254. Bitcoin broke above $20,000 for the first time in more than two weeks on Tuesday, ending its longest run below that price level since the token first breached the threshold in the end of 2020.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also rose more than 3% to $1,524. Meanwhile, the dogecoin price today traded lower at $0.07, while Shiba Inu was also around 5% down at $0.000010.
Other crypto prices’ performance today also declined as Avalanche, Binance USD, Chainlink, Tether, ApeCoin, Solana, Cardano, Polygon, XRP, Terra, Stellar, Tron, Litecoin, Polkadot prices traded with cuts in the last 24 hours, while Uniswap rose over 2%.
The global market cap for crypto today remained above $1 trillion, although it fell more than one percent in the past 24 hours to $1.03 trillion, according to CoinGecko.
Meanwhile, the UK would have the power to regulate all crypto assets under a proposal the British Chancellor of the Exchequer has added to a draft bill before parliament that is almost certain to pass, Reuters reported. Andrew Griffith, reappointed City minister on Thursday by Britain’s new Prime Minister Rishi Sunak, tabled the amendment to the Financial Services and Markets Bill, which Parliament has begun to approve.
Bitcoin has traded in near-lock-step with risk assets over the past couple of years, as pandemic-era stimulus flooded the global economy and then as central banks like the Federal Reserve raised interest rates to combat worsening inflation. After rising to an all-time high of nearly $69,000 last November, Bitcoin’s price has been trading in a narrow range of around $20,000 since June this year.
In other news, Core Scientific Inc., one of the world’s largest miners of Bitcoin, warned that it may run out of cash by the end of the year and may seek relief through bankruptcy protection, Bloomberg reported. Bitcoin mining companies such as Core Scientific had recently increasingly opted to sell shares, resorting to one of their least attractive options for raising money as profits dry up and higher interest rates make borrowing more expensive.
(With input from agencies)
Get all the business news, market news, latest news events and latest news updates on Live Mint. Download Mint News app to get daily market updates.
More less
