1 min read.Updated: 05 Nov 2021, 08:57 AM ISTLivemint
Cryptocurrency prices today: Ether, the coin linked to the ethereum blockchain, also plunged nearly 1%
Listen to this article
In cryptocurrencies, Bitcoin prices today declined to trade below $62,000 mark. The world's largest cryptocurrency by market capitalization was down over 1% to $61,946. The most popular digital token is up 114% this year (year-to-date) so far after hitting a record high of near $67,000 in October.
Ether, the coin linked to ethereum blockchain and the second largest crypto, also plunged nearly 1% to $4,531 whereas dogecoin fell over 3% to $0.26. Other digital tokens like XRP, Cardano, Uniswap, Litecoin, Polkadot were also trading with cuts over the last 24 hours. Meanwhile, Shiba Inu tumbled over 23% at $0.000046, falling below dogecoin in terms of market cap after surpassing the same recently. However, Solana, Binance Coin and Tether rose marginally.
The steady stream of news on cryptocurrency adoption by banks, growth of nonfungible tokens on virtual gaming platforms, launch of bitcoin futures-based U.S. ETFs and a need among investors for diversification in an uncertain interest rate environment have pushed several blockchain tokens, including bitcoin and ether, higher since October.
Inflows into crypto funds slumped more than 80% to $288 million last week as bitcoin futures exchange-traded funds (ETFs) failed to see much action, according to digital asset manager CoinShares. For the week ended 29 October, inflows into Bitcoin ETFs cooled with only $53 million from US investors last week.
Bitcoin has more than quadrupled in the past year and reached a record near $67,000 last month amid optimism around the debut of Bitcoin futures-backed exchange-traded funds in the US, and waning concerns about issues like China’s crackdown on the digital-asset space.