Cryptocurrency concerns caused Bitcoin to briefly drop below $ 40,000 in volatile trading on Wednesday for the first time since August. This is the third consecutive day of fall for the virtual currency. 4,444 rivals, including Ether and Litecoin, also fell.
“Bitcoin has to regain the 200-day moving average of $ 46,000 and consolidate before a collective sigh can be released,” Antoni Trenchev, co-founder of cryptocurrency lender Nexo, told Reuters.
The decline was the result of a discussion about cryptocurrencies on Tuesday, during which the chairman of the U.S. Securities and Exchange Commission, Gary Gensler, said that previous cases of banks and other companies offering private forms of money had failed.
Gensler reiterated that US securities regulations give his agency great authority over digital tokens. He also said there were some “loopholes” in oversight of digital tokens that Congress could fill, such as regulating crypto exchanges.
Bitcoin still receives the most inflows at $ 15.3 million, data from digital asset manager CoinShares showed on Monday. He also showed that entries were recorded across the board. 4,444 digital currency inflows for 2021 were still a robust $ 5.96 billion.
There are many cryptocurrencies, blockchain platforms, and exchanges that have gained importance in recent years. These are: Dogecoin (DOGE), Cardano (ADA), Binance Coin (BNB) and Solana (SOL). After Bitcoin, Etherium is the most popular.
According to Mint, Ethereum is not a blockchain or a cryptocurrency. It is actually a protocol (a set of rules or procedures). The original Ethereum was split into the two Ethereum and Ethereum Classic blockchains after the Decentralized Autonomous Organization (DAO) hack in 2016.
Ether (ETH) is the second largest cryptocurrency in the world by market capitalization after Bitcoin. Ethereum was designed by programmer Vitalik Buterin in 2013.
The most popular Ethereum tokens are stablecoins, which reflect the value of fiat currencies such as the US dollar, governance tokens that represent voting power in decentralized organizations, and non-fungible tokens (NFTs), which are a collectible piece of digital art.
