Bitcoin, Ether and other cyptocurrencies continued to remain volatile on Tuesday after China’s largest social media platform Weibo had banned a dozen popular crypto-related accounts. Earlier in May, the crypto market lost $460 billion in 24 hours all over the world when China’s central bank moved against crypto companies.
Bitcoin, the largest cryptocurrency declined 8.5% in the last 24 hours to $33,737.72 at 0725 IST on June 8. Ethereum also fell 6.42% in the last 24 hours. The popular cryptocurrency was trading at $2,609.73, according to coinmarketcap.com on Tuesday morning.
There has been a big slump in the price of crypto over the past one month. Bitcoin and Ether hit all time highs in the first quarter but the world’s largest cryptocurrency then dropped almost 50% last month.
However, Bitcoin funds and products posted record outflows last week as investors continued to cast a cautious eye on the world’s largest cryptocurrency. Bitcoin outflows hit $141 million in the week ending June 4, representing 8.3% of the net inflows seen this year. For the year so far, bitcoin still showed net inflows of $4.2 billion. The cryptocurrency sector overall suffered outflows of $94.2 million last week, the data showed.Ethereum blockchain, continued to see inflows, with $33 million this week. So far this year, inflows into ether products and funds totalled $1 billion. XRP saw total inflows of $7 million, the largest since April, while both Cardano and multi-asset products posted inflows of $4.5 million and $2.7 million respectively.
El Salvador wanted to make the cryptocurrency legal tender in the Central American nation. “Next week I will send to Congress a bill that will make Bitcoin a legal tender in El Salvador,” El Salvador President Nayib Bukele announced in a recorded message played at a Bitcoin conference in Miami. In the short term this will generate jobs and help provide financial inclusion to thousands outside the formal economy and in the medium and long term we hope that this small decision can help us push humanity at least a tiny bit into the right direction, it added.
Take a look at the top cryptocurrencies and their prices on June 8 (data from coinmarketcap.com):
Bitcoin $33,737.72 -8.5% change in 24 hours
Ethereum $2,603 -6.74% change in 24 hours
Binance Coin $361.46 -10.65% change in 24 hours
Tether $1.00 0.01% change in 24 hours
Cardano $1.57 -8.61% change in 24 hours
Dogecoin $0.33 9.67% change in 24 hours
XRP $0.8633 10.71% change in 24 hours
Polkadot $21.89 -12.94% change in 24 hours
USD Coin $1 0.01% change in 24 hours
Uniswap $24.16 8.50% change in 24 hours