Bitcoin and the major cryptocurrencies slumped again on Wednesday. The largest cryptocurrency tumbled 3.22% to a two-week low of $32,592.33 at 0730 hours IST on June 9. With the recent drop in prices, Bitcoin slowly approached a symbolic $30,000 threshold it has not seen since January. The price of bitcoin has been boosted by the interest of professional investors — celebrity CEO Elon Musk to large Wall Street Banks since the end of 2020. The price of bitcoin gained nearly 800 per cent between the beginning of the last year and a peak of $64,870 in April. The cryptocurrency slumped by half since hitting a record high in April. It plunged almost 10% when CEO Musk had announced that Tesla will no longer allow vehicle purchases using bitcoin due to environmental concerns.
Former US President Donald Trump has called cryptocurrency Bitcoin as a “scam”. In an interview to Fox Business Network on Monday, Trump said, “Bitcoin, it just seems like a scam. I don’t like it because it’s another currency competing against the dollar … I want the dollar to be the currency of the world. That’s what I’ve always said.”
Ether, the second-largest cryptocurrency declined 5.82% to $2,446.88 on Wednesday morning, according to coinmarketcap.com. “The major price support stands at the $30K level, and a slide below this handle could run into stops and accelerate the sell-off in the short run,” said Ipek Ozkardeskaya, senior analyst at Swissquote, reported Bloomberg.
Dogecoin, which was created as a parody cryptocurrency, has had an even more turbulent year than bitcoin. Its price rose from less than a dime in January to nearly 70 cents in May. It is currently trading at around 31 cents.
After announcing plans to make Bitcoin as legal tender, El Salvador’s President Nayib Bukele has now attached incentives for those dealing in Bitcoin in the country. Bukele added to the buzz on Monday by tweeting that there will not be any capital gains tax on Bitcoin. He further offered immediate permanent residence for crypto entrepreneurs. Bukele had also tweeted on Monday that the country will build a satellite infrastructure for its citizens in rural areas to connect to the internet and the Bitcoin network in places where connectivity is poor.
Take a look at the top cryptocurrencies and their prices on June 9 (data from coinmarketcap.com while publishing the article):
Bitcoin $32,672.66 -3.31% change in 24 hours
Ethereum $2,440.22 -6.31% change in 24 hours
Binance Coin $336.79 -6.98% change in 24 hours
Tether $1.00 0.07% change in 24 hours
Cardano $1.49 -5.12% change in 24 hours
Dogecoin $0.31 -7.76% change in 24 hours
XRP $0.8359 -3.12% change in 24 hours
Polkadot $20.62 -6.28% change in 24 hours
USD Coin $1 0.04% change in 24 hours
Uniswap $22.52 8.50% change in 24 hours