1 min read.Updated: 16 Jul 2021, 08:06 AM ISTLivemint
Bitcoin, the world's largest cryptocurrency has been stuck in a range between about $30,000 and $40,000 for weeks after reaching its all-time high near $65,000.
Cryptocurrency prices today were mixed the world’s largest digital asset fell as much as 4% to $31,472, its lowest level in about three weeks. The world's largest cryptocurrency has been stuck in a range between about $30,000 and $40,000 for weeks after reaching its all-time high near $65,000.
As per CoinDesk data, Bitcoin was down 3% to $31,879. Ether, the coin linked to ethereum blockchain also fell nearly 3% to $1,941.7. Dogecoin, on the other hand, declined over 6% to $0.18. Other cryptocurrencies like XRP, Litecoin, Cardano also plunged over the last 24 hours.
The moves come as cryptocurrencies and the prospect of digital money backed by central banks -- otherwise known as CBDCs -- become a topic of interest once again, with Federal Reserve Chair Jerome Powell in a hearing this week stressing the need to get such a project right. At the same time, the European Central Bank took a major step toward a digital euro by approving an “investigation phase" that could potentially lead to a virtual currency being implemented around the middle of the decade, Bloomberg reported.
Bitcoin has been having a hard time as of late. It’s been tracking its 20-day moving average, though it’s already trading below it and has struggled to jump above it sustainably. The coin could soon be approaching what many view as a critical support level -- $30,000. A breach below that could indicate the coin continues its decline toward $25,000, which it hasn’t tested since late December.
In another news, Fintech company Square Inc is creating a new business focused on bitcoin, Chief Executive Officer Jack Dorsey said in a tweet on Thursday. The new company will focus on building an open developer platform with the goal of making it easy to create decentralized financial services.