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 Crypto.com 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). 

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image