Bitcoin prices are up 65% this year (year-to-date), though, well below its record of around $65,000 in April.
In cryptocurrencies, Bitcoin prices today were trading below $49,000 mark. The world's largest crypto broke above $50,000 level on Monday for the first time since mid-May as crypto prices continued an ongoing recovery from a disorderly rout just three months ago. Bitcoin is up 65% this year, though, far away from its record just below $65,000 in April.
As per CoinDesk, Bitcoin prices fell to $48,230, down nearly 2%. Ether, the coin linked to ethereum Blockchain and the second largest crypto, plunged to $3,211, down over 2.5%. Dogecoin, on the other hand, was trading with cuts of 6% at $0.29. Other digital coins like Stellar, Uniswap, XRP, Litecoin, Cardano also declined in the range of 3-7% over the past 24 hours.
A consortium including Coinbase Global Inc. said all the reserves of the second-largest cryptocurrency stable coin will shift into cash and short-term U.S. Treasuries, forgoing riskier investments, reported Bloomberg.
Meanwhile, US crypto exchange Coinbase last week received its board’s approval to buy over $500 million of crypto. Moreover, 10% of the firm’s quarterly net income from now on will go into crypto assets.
Bitcoin enjoyed a blistering run earlier this year but in mid-May it began tumbling on a range of issues, including China's crackdown on cryptocurrencies and Tesla boss Elon Musk's decision to stop accepting it on concerns about the environmental impact of mining.
Market sentiment benefited as PayPal Holdings Inc will allow customers in the UK to buy, sell and hold bitcoin and other cryptocurrencies starting this week. The roll-out, which marks the first international expansion of PayPal's cryptocurrencies services outside of the United States, could inspire further mainstream adoption of the new asset class.