Despite soaring to nearly $70,000 in value last week, bitcoin’s price dipped below the $60,000 mark on Wednesday morning.
The world’s most popular cryptocurrency led other dominant coins and altcoins into a dip, with Bitcoin’s value alone down by 6.5% on the last 24 hours as of 10.30am.
Ethereum, Ripple (XRP), Solana and Cardano are all trading down today (27 October), while meme coin Shiba Inu is bucking the trend in a near-40% price surge on Wednesday morning.
Bitcoin price falls below $60,000 – why is crypto down today? Cryptocurrency prices of Shiba Inu, Bitcoin, ETH (Image credit: Getty Images)
Here’s what’s up and down this morning with crypto — Bitcoin, Ethereum, XRP, Dogecoin and more.
How much is Bitcoin worth today?
On Wednesday 27 October, Bitcoin’s price was trading down by roughly 6.5% on the last 24 hours – falling from a 24 hour high of $63,064 to $58,500 as of 10.45 this morning.
At the time of writing, Bitcoin’s value was fluctuating at around $58,965.03, or £31,055.83 according to CoinDesk.
As market analysts project that Bitcoin could reach a landmark $100,000 threshold in the near future, the Bitcoin dip could be a sign that traders are pulling back from new all-time highs and hedging their bets.
Crypto data aggregation platform, CoinMarketCap, recorded a near-40% increase in Bitcoin’s trading volume over the last 24 hours as of 11.15am, with the cryptocurrency’s trading volume at $43,474,067,360.
Why is crypto down today?
Bitcoin price falls and those of other major cryptocurrencies have been linked to announcements about crypto market conditions or by notable regulators around the world.
For instance, signs of further clampdown on Chinese cryptocurrency operations have often seen major price drops for Bitcoin – with the Chinese central bank, the People’s Bank of China (PBOC), most recently reaffirming its commitment to crack down on crypto mining and trading.
But there has not been any major regulation news from US or Asian markets that would typically be identified as the cause for such a sharp sell off.
According to reports on Tuesday (26 October), US regulators are looking for new ways and strategies for banks to hold crypto assets and address their current rise.
This follows the launch of new Bitcoin futures Exchange-Traded Funds (ETFs) in the form of ProShares Bitcoin Strategy ETF, as well as similar moves from Valkyrie and Van Eck.
Bitcoin futures ETFs are designed to allow investors to make trades on futures contracts and away from the usual means of crypto exchanges like Binance, which have come under greater scrutiny from regulators worldwide.
Through crypto ETFs, investors can speculate on the future cost of cryptocurrencies without having to actually hold it themselves.
What are the prices of Ethereum, Shiba Inu and Cardano today?
With cryptocurrencies coins tending to move in tandem with Bitcoin, Ethereum was trading down nearly 5% on the last 24 hours at $4,002.92 or £2,916.73 at 11.20am on Wednesday.
A popular cryptocurrency synonymous with the rising crypto trend of NFTs, Ethereum has an all time high of $4,379.11, reached in May’s cryptocurrency boom, but it has struggled to return to this peak since despite coming close in recent crypto price surges this month.
The hype surrounding popular memecoin Dogecoin had appeared to diminish recently as new altcoins took centre stage.
Shiba Inu coin is trading up at approximately £0.00004 today and has smashed through multiple record highs in the last four days after surging by up to 50% on Sunday 24 October.
Dogecoin, meanwhile, was trading down 13% on the last 24 hours at $0.232605 (£0.169487) on Wednesday.
Meanwhile, Cardano (ADA) prices are fluctuating around $2.14 (£1.56), XRP Ripple was down 9.89% at
$1.01 (£0.735368) and Solana at $188.09 (£137.05) as of 11.25am on Wednesday.
XRP and Stellar were down almost eight percent and six percent respectively on the last 24 hours.
When was the last major crypto crash?
In June, the Chinese Government cracked down on considerable crypto mining operations taking place in the Sichuan province and demanded that Chinese banks and payment channels stop supporting decentralised and anonymous crypto transactions.
This saw Bitcoin prices tumble to below $30,000 in a dramatic plummet from its soaring success.
The cryptocurrency has continued to rise and fall as other global administrations and regulators mull legislation to curb increased crypto activity often attributed to laundering and crime.
Following the Chinese state’s move, countries like South Korea also pledged to tackle the rise in money laundering taking place via cryptocurrency, while the Metropolitan Police announced that it had successfully closed in on a huge UK cryptocurrency money-laundering operation.
July saw the Met seize a cryptocurrency operation valued at £180million in the UK’s largest cryptocurrency seizure to date.
In turn, cryptocurrency exchange platforms such as Binance have been feeling the heat across the world as regulators and governments have started to pay close attention to the operations of such platforms in the wake of the global crackdown on crypto.
The result of this saw Bitcoin’s highest prices sliced in half in June, with the coin struggling to break out of the low to mid $30k price range until it received a welcome boost from Tesla founder Elon Musk in his appearance at major Bitcoin conference in July.
The bullish rise and increased confidence in Bitcoin will likely see it remain at prices fluctuating around a $60,000 threshold but with increased resistance as it looks toward a $100,000 price prediction.