Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

Hi, what are you looking for?

slide 3 of 2
THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Business

Business

Bitcoin slips below $60,000

Bitcoin nears all-time high as U.S. futures ETF lists
A representation of virtual currency Bitcoin and U.S. One Dollar banknotes are seen in front of a st... A representation of virtual currency Bitcoin and U.S. One Dollar banknotes are seen in front of a stock graph in this illustration taken January 8, 2021. REUTERS/Dado Ruvic/File Photo
Bitcoin nears all-time high as U.S. futures ETF lists
A representation of virtual currency Bitcoin and U.S. One Dollar banknotes are seen in front of a st... A representation of virtual currency Bitcoin and U.S. One Dollar banknotes are seen in front of a stock graph in this illustration taken January 8, 2021. REUTERS/Dado Ruvic/File Photo

Listen to the article now

The world’s biggest and best-known cryptocurrency, Bitcoin, slipped below $60,000 on Tuesday, taking losses from a record high of $69,000 struck on Nov. 10 to more than 12%.

Cryptos aren’t enjoying a good start to the week as we see a further retreat in prices from the recent highs. Of note, Bitcoin fell by over 8% to under $60,000 at the lows (the low today hit $58,644) before sticking around $59,500 to $59,800 at the moment.

The $60,000 mark will be one to watch going into the daily close as it holds psychological importance, but the 27-28 October lows around $58,000 will also be regarded as key technical support at the moment on the charts.

Bitcoin was down 5% at $60,391.3 at 1253 GMT, after earlier falling as much as $58,563, its lowest since Oct. 28, while Ether, the second-biggest cryptocurrency by market value, was down 6.8% at $4,253.08.

Cryptocurrency analysts could not identify any particular news driving the falls, which they said seemed to be driven by profit-taking after a recent sharp run-up.

Bitcoin has more than doubled in value since June, driven by the mainstream adoption of cryptocurrencies and the launch in the United States of futures-based bitcoin exchange-traded funds.

And on Sunday, it went through a major upgrade, called Taproot, that enables its blockchain to execute more complex transactions, potentially widening the virtual currency’s use cases and making it a little more competitive with ethereum for processing smart contracts.

“The fall below 60,000, puts (Bitcoin) below the 62,000 support level, slightly into the ‘short term’ bearish zone,” said Sylvia Jablonski, chief investment officer at Defiance ETFs in New York.


Comment Template

You May Also Like

Cryptocurrencies

An increasing number of parents are using Bitcoin as an alternative to traditional college savings plans, driven by optimism about its growth potential and...

Cryptocurrencies

Elon Musk envisions revolutionizing government through blockchain technology, aiming to reduce inefficiencies, improve transparency, and modernize public administration. By leveraging blockchain's decentralized architecture for...

Cryptocurrencies

Donald Trump’s unexpected transformation from crypto critic to advocate has reshaped perceptions of digital assets. His administration’s pro-blockchain stance, regulatory initiatives, and political strategy...

Cryptocurrencies

Ivanka Trump warns investors about a fraudulent cryptocurrency, $IVANKA, falsely linked to her name. Highlighting the dangers of meme coins, she urges caution amidst...

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.

Ok