Bitcoin Crashes Below $62K As Altcoins Take Massive Beating
By Shikha Singh
Bitcoin’s price dropped by 3.5% in a day, while most major altcoins experienced worse losses. The cryptocurrency market has been poorly treated in the past 24 hours, with most coins trading well in the red. Bitcoin plummeted below $62K, while most altcoins are also experiencing considerable losses. Ethereum the secod largest cryptocurrency was trading at $2,900 down 0.31% in the last 24 hours.
Altcoins such as BCH, AVAX, and UNI have also seen significant losses. Theta Network (THETA) and THORChain (RUNE) have lost the most, down 10.8% and 9.2%, respectively. Cheelee (CHEEL) and Akash Network (AKT) have managed to curb the damage, increasing by around 3%.
According to Santiment’s data, Bitcoin network activity is approaching historic lows due to a downtrend in transaction volume, daily active addresses, and whale transaction count.
Furthermore, in her keynote speech at the Milken Global Institute Conference in Beverly Hills, Franklin Templeton’s President and CEO, Jenny Johnson discussed the potential of blockchain technology in the investment industry. She predicted that blockchain would streamline processes and reduce operational costs, highlighting the efficiency gains and cost savings of distributed ledger technology. Johnson also envisioned blockchain’s potential to universalize investment opportunities, allowing retail investors to participate in new asset classes like non-fungible tokens. Despite regulatory challenges and risks, prudent investment strategies and active management are crucial.
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