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Bitcoin slips in early Asia trade to $56,500

By Mensholong Lepcha

02:14, 23 November 2021

A close-up of bitcoin on a computer motherboard
A close-up of bitcoin on a computer motherboard – Photo: Shutterstock

Bitcoin resumed its fall in early Asia trade on Tuesday, slipping over 2% to trade around $56,500.

Over the past seven days, Bitcoin (BTC) has lost nearly 9% compared with Ether’s (ETH) 6% fall in the same period.

Data from digital asset management firm CoinShares showed investors are buying the dip with Bitcoin seeing inflows of $114m last week from a total of $154m that went into digital assets.

Alt-coins

Over the weekend, Central American nation El Salvador announced plans to build a “Bitcoin City” funded by Bitcoin bonds.

Meanwhile, number two cryptocurrency Ether inched 1.5% lower to around $4,149  in early Asia trade on Tuesday.

XRP/USD

0.53 Price
-3.410% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

ETH/USD

3,199.86 Price
+1.050% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

BCH/USD

382.55 Price
+1.450% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.50

BTC/USD

60,016.80 Price
+2.390% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

Blockchain networks Solana (SOL) and Cardano (ADA) fell 2.7% to $219.93 and 1.3% to $1.79, respectively, on Tuesday.

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Cardano loses over 17% in one month

“Inflows into world computer assets suggest that investors favour Solana. By measure of total inflows over the last month, Solana has seen inflows totalling US$43m over the last month versus Cardano at US$23m,” said CoinShares in its weekly note.

Over the last month, Solana has gained about 11% while Cardano has lost over 17% in the same period.

Elsewhere, meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) traded at $0.2203 and $0.00004344, respectively, on Tuesday. Crypto.com Coin (CRO) continued its uptrend by gaining over 8% in early Asia trade to $0.7608.

Read more: Phunware (PHUN) buys bitcoin: price spikes, shares fall

Markets in this article

BTC/USD
Bitcoin / USD
60016.80 USD
1399.8 +2.390%
ADA/USD
Cardano / USD
0.43470 USD
-0.00467 -1.070%
ADA/USD
Cardano / USD
0.43470 USD
-0.00467 -1.070%
CRO/USD
Crypto.com Coin / USD
0.09413 USD
0.0008 +0.880%
CRO/USD
Crypto.com Coin / USD
0.09413 USD
0.0008 +0.880%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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