Cryptocurrencies crash: Bloodbath in cryptocurrency market
Cryptocurrencies crash: Bloodbath in cryptocurrency market

Cryptocurrencies are hit black and blue virtually. On Friday, Bitcoin and other cryptocurrencies in a matter of less than 24-hours lost billions in valuation. Except for Bitcoin Gold all other cryptocurrencies have nosedived.

This slump was amid fears that US President Joe Biden plans to raise capital gains taxes which will curb investment in digital assets.

On Friday, popular cryptocurrency Bitcoin traded at a low of $47,467.91 in the 24-hour period. The currency which was valued in the trillions slumped to a valuation of $894.07 billion. In February this year, according to Coindesk, bitcoin’s market value had surpassed $1 trillion.

According to Coindesk, the all-time high of Bitcoin was $64,829.14. But now it is down by around $17,000. At 1.45 pm IST, Bitcoin was down by 11.33 per cent and was trading at $48,078.05.

After the slump, the valuation of Ethereum was $249.93 billion. In the last 24 hours, this currency had touched an all-time high of $2,645.14 and slipped to $2,107.29 all within the last 24 hours. At 1.45 pmIST, it is trading at $2,162.66, down by 12 per cent.

In the case of XRP, it is trading at $1.03 at 1.45 pm IST. It plunged by 20.50 per cent. Its valuation was down to $102.76 billion, according to Coindesk. Its all-time high was $3.40.

The meme-based cryptocurrency Dogecoin was at $0.226, a decline of 17.50 per cent in the last 24 hours trading. Elon Musk’s personal favourite currency touched a low of $0.16 in the last 24 hours.

While all other cryptocurrencies were bleeding, Bitcoin Gold was up by 58 per cent. At 1.45 pm IST, Bitcoin Gold was trading at $129.75. The all-time high of the currency was $456.25. In the last 24 hours, the currency slipped to a low of $70.93.

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