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Bitcoin slumps just below $42,000

written by Bella Palmer
bitcoin-slumps

Ether was down more than 2% to $2,879, Cardano prices slipped 4% to $2.06, and dogecoin dropped 1% to $0.19

The price of Bitcoin today slumped just below $42,000 as it was trading over 1% lower at $41,955. The world's largest cryptocurrency by market capitalization is up 44% this year (YTD), and much below its record of near $65,000 it hit in April.

The coin linked to ethereum blockchain and the second largest crypto, Ether, also dipped as it was down more than 2% to $2,879. Cardano prices slipped 4% to $2.06 while Dogecoin dropped 1% to $0.19. Over the last 24 hours, other digital tokens such as XRP, Litecoin, Stellar also declined.

During the month, Bitcoin was hit on multiple fronts, including a botched roll-out of the coin as legal tender in El Salvador and tightening of regulatory oversights in the US and China.

China's central bank last week said all financial transactions involving cryptocurrencies are illegal, sounding the end for the digital trade in the country following a clampdown on the digital tokens.

Meanwhile, Tesla chief executive Elon Musk thinks US regulators should take cryptocurrency out of their crosshairs, leaving it free to 'fly', he told a conference in California on Tuesday, as reported by AFP, as governments around the world fret over cryptocurrency.

US Securities and Exchange Commission (SEC) chair Gary Gensler said earlier at the conference there is potential for cryptocurrency to be considered a security, and platforms to be seen through the lens of those regulations.

Cryptocurrency investment products and funds posted inflows for a sixth week in a row as of September 24, according to data from digital asset manager CoinShares. Inflows to the sector reached $95 million last week, led by investments in Bitcoin of $50.2 million. Over the last six weeks, crypto inflows amounted to $320 million.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

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