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Bitcoin, Ether, and Other Cryptocurrencies Fall Today, While Uniswap Surges



Bitcoin, Ether, and Other Cryptocurrencies Fall Today, While Uniswap Surges

(CTN News) – The biggest and most well-known digital token in cryptocurrencies, Bitcoin, was trading more than 2% down at $20,254.

The longest period of time that Bitcoin spent below $20,000 since the currency first crossed the barrier in late 2020 came to an end on Tuesday when it broke over that price for the first time in more than two weeks.

On the other side, Ether, the second-largest cryptocurrency and coin connected to the Ethereum blockchain, increased by more than 3% to $1,524. Shiba Inu was roughly 5% down at $0.000010, while Dogecoin’s price was now trading lower at $0.07.

Avalanche, Binance USD, Chainlink, Tether, ApeCoin, Solana, Cardano, Polygon, XRP, Terra, Stellar, Tron, Litecoin, and Polkadot prices were trading with decreases over the previous 24 hours, while Uniswap gained over 2%. These other cryptocurrencies’ performance today also decreased.

Despite falling more than 1% in the previous day to $1.03 trillion, the total value of all cryptocurrencies in circulation today nonetheless exceeded $1 trillion, according to CoinGecko.

According to a proposal the UK financial services minister added to a draught bill that is now before parliament and would almost surely pass, Britain would have the authority to control all crypto assets, according to Reuters.

The modification to the financial services and markets law was proposed by Andrew Griffith, who was re-appointed as City Minister by Britain’s new Prime Minister, Rishi Sunak, on Thursday. The proposal is now being approved by parliament.

Over the last two years, as the stimulus from the epidemic period poured into the global economy and then as central banks like the Federal Reserve raised interest rates to confront increasing inflation, bitcoin has moved almost in lockstep with risk assets.

The price of Bitcoin has been trading in a constrained range of approximately $20,000 since June this year after rising to an all-time high of around $69,000 in November last year.

According to Bloomberg, Core Scientific Inc., one of the biggest Bitcoin miners in the world, issued a warning that it would run out of money before the end of the year and might turn to bankruptcy protection for help.

Companies that mine bitcoins, like Core Scientific, have lately been turning more and more to the stock market to obtain capital as revenues decline and borrowing costs rise. This is one of their least desirable choices.

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Arsi Mughal is a staff writer at CTN News, delivering insightful and engaging content on a wide range of topics. With a knack for clear and concise writing, he crafts articles that resonate with readers. Arsi's pieces are well-researched, informative, and presented in a straightforward manner, making complex subjects accessible to a broad audience. His writing style strikes the perfect balance between professionalism and casual approachability, ensuring an enjoyable reading experience.

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