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Business News/ Markets / Cryptocurrency/  Cryptocurrency prices today plunge. Bitcoin below $49,000; ether, dogecoin, Shiba Inu also fall
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Cryptocurrency prices today plunge. Bitcoin below $49,000; ether, dogecoin, Shiba Inu also fall

Cryptocurrency prices today: Ether, the coin linked to the ethereum blockchain, plunged more than 6%

cryptocurrency Ethereum is seen among representations of other cryptocurrencies in this picture illustration (REUTERS)Premium
cryptocurrency Ethereum is seen among representations of other cryptocurrencies in this picture illustration (REUTERS)

Bitcoin prices today continued the declining trend by slipping below the $49,000 level with losses accelerating after it failed to sustain the positive momentum seen following this past weekend’s flash crash. The world's largest and most popular cryptocurrency was trading more than 3% lower at $48,367. 

Bitcoin, famed for its volatility, has shed more than $21,000 since hitting a record in early November, but it’s still up more than 67% this year (year-to-date or YTD) so far.

Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, also plummeted over 6% to $4,150. Dogecoin prices declined more than 4% to $0.17 whereas Shiba Inu fell 5% to $0.000035. Other digital tokens such as Cardano, Solana, Binance Coin, Stellar, Uniswap, Polkadot were also trading with cuts over the last 24 hours. 

Meanwhile, global crypto market cap plunged over 4% to $2.4 trillion, as per CoinGecko. Cryptocurrencies have posted wild moves over the last few sessions, most notably over the past weekend.

In another news, Coinbase Global Inc. launched its first yield product that allows users outside the U.S. to earn interest from their holdings in a stablecoin through a third-party decentralized finance (DeFi) platform. DeFi is a collection of apps where software manages transactions without use of centralized intermediaries.

Earlier this year, US regulators effectively killed Coinbase’s plans to debut another interest-generating product called Lend. Coinbase on Thursday said the new offering will let customers in over 70 countries to access the ‘attractive yields’ of decentralized finance by depositing their Dai, a stablecoin designed to be pegged to the U.S. dollar, into Compound Finance, a DeFi protocol.

(With inputs from agencies)

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Published: 10 Dec 2021, 07:49 AM IST
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