Bitcoin traded on the back foot in Wednesday morning’s early deals as bargain searching dip-grabbers failed to keep the momentum from over recent da
Bitcoin traded on the back foot in Wednesday morning’s early deals as bargain searching dip-grabbers failed to keep the momentum from over recent days.
Much like several of the heavy sell-off days in January, most of the leading digital currencies were trading in negative territory, with Bitcoin slipping 1.7% to US$43,450.
Meanwhile, its closest rival in terms of market value, Ethereum eased 0.9% to US$3,089.
Both remain approximately 35% below all-time highs seen in November, as rising inflation and fears that Russia and Kazakhstan will follow China’s lead and ban crypto mining has left previously bullish speculators hedging their bets with so-called safe-havens.
Although it must be said, a month ago they were both at six-month lows and half the value of their all-time highs so somewhat of a recovery has begun in recent weeks.
Alt-coins BNB, XRP, Solana, and Terra also experienced a turbulent start to the day easing 5.8%, 5.6%, 5.8%, and 6.3% respectively.
Further down the pecking order, doggy meme-coins Dogecoin and Shiba Inu followed suit by falling 5.3% and 8.3% respectively.
Overall, 90 of the top 100 cryptocurrencies were trading in the red.
But it wasn’t all doom and gloom for investors in the digital world.
Most notably to buck the trend was Unus Sed Leo which surged 52% to 25th in the most valuable cryptos table, while on much less of a rampage, Decentraland, Ethereum Classic, and Tezos advanced 2.2%, 3.0%, and 6.4% respectively.
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