Bitcoin prices fell by more than 4% today, to $42,421. The world’s largest cryptocurrency by market capitalization is up 45 percent this year but is still well below its April high of about $65,000.
Ether, the second-largest cryptocurrency and the coin linked to the ethereum blockchain, also fell, falling nearly 7% to $2,956.8. Cardano prices fell 4% to $2.16, while dogecoin prices fell 3% to $0.20. Other digital assets, such as XRP, Litecoin, Stellar, and Solana, have performed poorly in the last 24 hours. Since the beginning of September this year, Ethereum has been on a downward trend. We anticipate a trend breakout from the pattern’s top as ETH builds the characteristic cup handle and handle design over a more extended period. We could see ETH gaining support at $ 2,600 before bouncing back and beginning its bullish reversal cycle”, stated Siddharth Menon. He went on to say that the overall cryptocurrency market is slightly about $ 2 trillion. Volumes have remained relatively consistent over the last few weeks.
Cryptocurrency investment products and funds saw inflows for the sixth week in a row as of September 24, according to statistics from digital asset management CoinShares. Last week, the sector saw $95 million in inflows, driven by $50.2 million in bitcoin investments. Crypto inflows totaled $320 million in the previous six weeks. Inflows totaled $6 billion in 2021.
Bitcoin suffered the brunt of the last two quarters’ unfavorable market sentiment. Last week’s inflows were only the fourth in the previous 17 weeks. Inflows into bitcoin have been strong this year, totaling $4.3 billion.
Last week, China’s officials stepped up their anti-cryptocurrency campaign with a blanket ban on all crypto transactions and mining, affecting bitcoin and other major coins and putting pressure on crypto- and blockchain-related companies.
People’s Bank of China
Though Bitcoin and some of its peers fell on Friday after the People’s Bank of China published a statement prohibiting crypto transactions and pledging to eradicate digital asset mining, they have now largely recovered. Bitcoin rallied close to $44,000 on Monday, similar to where it stood before China’s decision. Ether surpassed the $3,100 mark last week.
Though Bitcoin and some of its peers fell on Friday after the People’s Bank of China published a statement prohibiting crypto transactions and pledging to eradicate digital asset mining, they have now largely recovered. Bitcoin rallied close to $44,000 on Monday, similar to where it stood before China’s decision. Ether surpassed the $3,100 mark last week. S
The hash rate has plummeted by more than half since the crackdowns began, from a peak in mid-May to early July. Its comeback shows that miners, whether in China or elsewhere, have returned. The hash rate remained relatively stable in the immediate aftermath of the Friday announcement.