- Bitcoin and ETH Crash on 16 November, Dragging Other Cryptocurrencies with them.
- Bitcoin was down 7% in digital asset markets over the last 24 hours and appeared to be settling into a new range in the low $60,000s.
- ETH also declined more than 6% to $4,300.
- CoinDesk’s Dogecoin price fell over 4% to $0.25, whereas Shiba Inu tumbled over 2% to $0.000051.
- Bitcoin went through a significant upgrade on Sunday that enables its blockchain to execute more complex transactions.
Bitcoin fell below the $61,000 mark today. It fell because cryptocurrency prices plunged. By market capitalization, the world’s most popular and most prominent cryptocurrency fell over 6% to $62,054. Bitcoin, which recently hit a new high of around $69,000, has gained over 114 % year-to-date (YTD).
Ether, the second-largest cryptocurrency and the coin linked to the Ethereum blockchain, fell more than 6% to $4,400. Ether has been trading around an all-time high, catching up with bitcoin’s rally and riding the wave of news about broader blockchain adoption.
According to CoinDesk, the price of Dogecoin has dropped over 4% to $0.25, while the price of Shiba Inu has dropped over 2% to $0.000051. Other cryptocurrencies, such as Litecoin, XRP, Polkadot, Uniswap, Stellar, Cardano, and Solana, have also seen price drops in the last 24 hours.
Meanwhile, on Sunday, Bitcoin received a significant upgrade that allows its blockchain to process more complex transactions, potentially expanding the virtual currency’s use cases and making it more competitive with Ethereum in terms of smart contract processing. As a result, Bitcoin was down 0.7% in digital asset markets over the last 24 hours and appeared to be settling into a new range in the low $60,000s.
The blockchain network’s much-anticipated Taproot upgrade failed to provide an immediate market jolt. Although the launch of the VanEck Bitcoin Strategy ETF on Tuesday is the first bitcoin futures exchange-traded fund to go live since the well-received debuts of ProShares and Valkyrie bitcoin futures ETFs a few weeks ago, it could be the next catalyst.
Bitcoin’s journey has been bumpy, with the most popular digital token falling below $30,000 in June amid criticism of its energy use and China’s cryptocurrency crackdown. However, partially as the crypto sector adjusted to China’s broadsides, it began to recover.