Bitcoin and the major cryptocurrencies collapsed again on Wednesday. The largest cryptocurrency fell 3.22% to a two-week low of $ 32,592.33 at 7:30 a.m. IST on June 9. With the recent drop in prices, Bitcoin slowly approached a symbolic $ 30,000 threshold that it hasn’t seen since January. Bitcoin price was raised by the interest of professional investors – prominent CEO. – blown up Elon Musk to major Wall Street banks since late 2020. Bitcoin’s price rose nearly 800 percent from early last year to a high of $ 64,870 in April. The cryptocurrency has slumped in half since its record high in April. It slumped by almost 10% when CEO Musk announced that Tesla would no longer allow vehicle purchases with Bitcoin for environmental reasons.
Former US President Donald Trump has described the cryptocurrency Bitcoin as a “fraud”. In an interview with Fox Business Network on Monday, Trump said, “Bitcoin, it just seems like a scam. I don’t like it because it’s another currency that it competes with the dollar … I want the dollar to be the currency of the world. I always said that. “
Ether, the second largest cryptocurrency, fell 5.82% to $ 2,446.88 on Wednesday morning, according to coinmarketcap.com. “The main price support is at the $ 30,000 level, and slipping below that grip could stall and accelerate the sell-off in the short term,” Ipek Ozkardeskaya, senior analyst at Swissquote, told Bloomberg.
Dogecoin, created as a parody cryptocurrency, had an even more tumultuous year than Bitcoin. The price rose from less than a cent in January to almost 70 cents in May. It is currently trading at around 31 cents.
After announcing plans to make Bitcoin legal tender, the President of El Salvador, Nayib Bukele, has now created incentives for those who trade Bitcoin in the country. Bukele added to the excitement on Monday by tweeting that there will be no capital gains tax on Bitcoin. In addition, he offered immediate permanent residence to crypto entrepreneurs. Bukele also tweeted on Monday that the country will build satellite infrastructure for its citizens in rural areas to connect to the internet and the Bitcoin network in places with poor connectivity.
Take a look at the top cryptocurrencies and their prices on June 9th (data from coinmarketcap.com at the time the article was published):
Bitcoin $ 32,672.66 -3.31% change in 24 hours
Ethereum $ 2,440.22 -6.31% change in 24 hours
Binance Coin $ 336.79 -6.98% change in 24 hours
Tether $ 1.00 0.07% change in 24 hours
Cardano $ 1.49 -5.12% change in 24 hours
Dogecoin $ 0.31 -7.76% change in 24 hours
XRP $ 0.8359 -3.12% change in 24 hours
Polkadot $ 20.62 -6.28% change in 24 hours
USD coin $ 1 0.04% change in 24 hours
Uniswap $ 22.52 8.50% change in 24 hours