Bitcoin prices today slipped below $60,000, its lowest level in over a week, following a record-breaking level hit last week. The world’s largest cryptocurrency by market capitalization was trading 3.5% lower at $58,725. Bitcoin is up more than 30% this month, and the digital token is still on track for its best month since February.
Bitcoin has been on a historic rally, surpassing $65,000 last week, as two futures-backed US Bitcoin ETFs made their debut and attracted more than $1 billion in cash. The ProShares Bitcoin Strategy ETF, or ticker BITO, accumulated more than $1 billion in assets in just days after its launch last week.
Ether, the coin linked to ethereum blockchain and the second largest crypto, also sank about 5% to $3,959 and smaller tokens took a hit as well, with Dogecoin and Solana each tumbling more than 8% to $0.23 and $185 respectively. Many smaller alt coins got hit the hardest with Cardano and XRP shedding 11% over the last 24 hours and Uniswap, Polkadot, Ltecoin dropped roughly 9-10%.
On the other hand, Shiba Inu coin, that has been on a record rally since the past few sessions, surged over 70% over the last 24 hours to $0.00008241, as per CoinGecko. It is currently the 9th-biggest crypto with a market value of around $40 billion.
Trading in Shiba Inu has been volatile on its way up. The crypto slumped earlier this week after Elon Musk tweeted that he didn’t own the coin. However, th growing clamor for Robinhood Markets to add the Shiba Inu coin to its platform is helping boost the cryptocurrency to record highs.
Crypto funds saw inflows totalling $1.47 billion last week, the largest on record, according to digital asset manager CoinShares. Bitcoin saw 99% of the inflows totalling $1.45 billion last week. Additionally, inflows year-to-date (YTD) now sit at $8 billion, surpassing the record in 2020 of $6.7 billion.
(With inputs from agencies)
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