Crypto market update: Bitcoin falls to 20-day low

Total cryptocurrency market capitalisation falls to $2.457trn

Bitcoin (BTC) fell as low as $58,515 on Wednesday morning – its lowest level in almost three weeks. The world’s first and largest cryptocurrency slumped by 11% in 48 hours, its largest fall since September. 

The slump has been largely attributed to the recent passing of the US government’s $1trn (£740bn, €836bn) infrastructure bill, which included tougher rules on cryptocurrency trading taxes, and the Chinese government once again warning companies not to engage in bitcoin mining. 

Bitcoin’s market capitalisation stood 0.4% higher at $1.13trn, while trading volume fell by 7.8% to $41bn. The capitalisation of the entire cryptocurrency market fell to a three-week low of $2.457trn before rising to $2.631trn, according to CoinMarketCap

Ethereum (ETH) traded down by 0.7% to $4,214, having earlier fallen to a 20-day low of $4,144. The world’s second-largest cryptocurrency’s market capitalisation stood 1% lower at $498bn, while its trading volume slipped by 6% to $24bn. 

Among the other prominent cryptocurrencies, Avalanche and Coin enjoyed the largest gains, rising by 12.3% and 14.3%, respectively.

Largest gainer

Across the wider digital-asset space, the ARC Governance token (ARCx) enjoyed the largest gains, rising by 263,451% in the past 24 hours to $922.29.

The governance token for the ARCx protocol had reached its all-time high of $9,991.70 in the early morning, before slumping by 90.4%. 

Largest loser

Ethereum Meta (ETHM) suffered the largest loss, slumping by 99.9% to $0.00000005751, having reached an all-time high of $0.05132 three years earlier. The cryptocurrency, which also operates on the Ethereum platform, saw its market capitalisation fall by 99.9% to $2,609.

All prices are correct as of 11:15 (GMT). 

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