Bitcoin dropped to a three-month low on Monday in the wake of Elon Musk’s hinting over the weekend that Tesla is considering or may have already sold some of its bitcoin holdings.
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Having earlier said Tesla would accept bitcoin as payment, Elon Musk this week reversed that position, stating cryptocurrencies’ “promising future cannot come at a great cost to the environment”.
Cryptocurrency ether hit a record high on Wednesday, taking gains this year to almost 500% on the back of a growing interest in decentralised finance applications.
Parabolic jumps in digital tokens such as ether, dogecoin and binance coin are outshining bitcoin, prompting more questions about whether that segment of the cryptocurrency sector is ripe for a reckoning.
Cryptocurrency ether broke past $4 000 on Monday, climbing to a new peak for a third session in a row on bets it may find new uses, lifting other digital currencies in its wake.
Cryptocurrency ether rose to a fresh record peak on Tuesday before dropping sharply as some investors pulled profits from a white-hot market bulging with questionable new entrants.
Ether broke past $3 000 on Monday to set a new record high in a dazzling rally that has outshone the bigger bitcoin.
Ether pulled back sharply from a record high and bitcoin also fell on Friday amid speculation that US President Joe Biden’s plan to raise capital gains taxes will curb investment in digital assets.
Binance coin has strengthened its position as one of the world’s largest cryptocurrencies after a 53% rally in the past seven days to the third spot behind bitcoin and ether.
PayPal will announce later on Tuesday that it has started allowing US consumers to use their cryptocurrency holdings to pay at millions of its online merchants globally.