Bitcoin slides under $56,000 as crypto retreat continues
03:34, 19 November 2021
Bellwether digital currency bitcoins saw its price go under $56,000 in early Asian trade as all the top 10 tokens by market capitalisation saw their prices fall.
Data from Capital.com show that BTC was trading at $55,950 in mid-morning Asia trade, a near 6% deadline on the day, while the second largest coin by market cap, ether, was down 5% at just under $4,000.
Bitcoin well back from record high
Eleventh ranked digital currency Shiba also had a poor day with Capital.com data showing it down 11.6%.
Bitcoin has now retreated well below its record recent high and there appears to be a number of factors.
On Wednesday, Twitter's CFO Ned Segal said that carrying cryptocurrency in the firm's treasury did not “make sense right now”. The social media executive indicated the firm was looking at more stable assets to manage its cash flows.
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US crypto tax reporting
While on Tuesday all the top 10 coins fell back after US President Joe Biden signed a $1trn infrastructure bill containing a cryptocurrency tax reporting requirement, as part of an infrastructure bill.
The long-term outlook for digital currencies, however, looks brighter with Asian institutional investors particularly keen on the asset class, according to a survey published earlier this week by Fidelity Digital Assets (FDA).
“The increased interest and adoption we’re seeing is a reflection of the growing sophistication and institutionalization of the digital assets ecosystem,” Tom Jessop, president of FDA said in the report.
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