Bitcoin slips to $42,232 as cryptos tumble after two-day rally

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The cryptocurrency market snapped the two-day winning streak on Friday, with market capitalisation dropping 2.8 percent to $2.13 trillion.

As of 1255 hours GMT, the largest cryptocurrency Bitcoin’s price went down by 3.53 percent to reach $42,232. With this decrease in price, the market capitalisation of the biggest crypto has fallen to $799.3 billion. Bitcoin had been maintaining a winning streak for three days after falling to below $40,000 for the first time since late September.

Ether, the world’s second-largest cryptocurrency by market capitalisation, shed 4.17 percent to reach $3,224. With this decrease in price, the market capitalisation of ETH has reached $379.3 billion. Ether tested $3,000 on Tuesday last but managed to make gains during the next two sessions before falling prey to bears on Friday.

Similarly, XRP price went 3.25 percent down to reach $0.763. The market capitalisation of XRP stands at $76.3 billion with this decrease.

Following suit, Cardano (ADA) price slipped 3.69 percent to hit $1.24. Its market capitalisation has reached $40.9 billion with this decrease.

On the other hand, Dogecoin (DOGE) price took a giant leap of 12.25 percent, a day after surging 9.21 percent on Thursday, to reach $0.192. With this increase in price, the market capitalisation of DOGE has reached $25.4 billion.

The recent slide of Bitcoin has not only affected retail and institutional investors but one tiny nation as well – El Salvador – which had embraced the digital asset as a way to boost its impoverished economy.

The country has bought at least 1,391 Bitcoins using public funds, according to a Bloomberg report, which estimated the holdings based on the tweets of El Salvador’s Bitcoin-loving president Nayib Bukele.

The media calculated that the purchase would have cost El Salvador about $71 million based on an average acquisition price of $51,056 per coin. Assuming the government has held the digital coins, they’re now worth around $61 million, a 14pc loss.

DailyTimes, 15 Jan, 2022
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