Bitcoin prices dropped for the second straight day on Thursday. The world’s largest cryptocurrency was trading at $38,623.52 at 0725 hours IST on June 17 on coinmarketcap.com Index, down 3.47 per cent on a day. The cryptocurrency investment products and funds saw outflows for a second straight week. Total cryptocurrency outflows recorded at $21 million for the week ending June 11.
Ether also saw a steep decline on June 17. The second most popular cryptocurrency slumped nearly 4.63% in the last 24 hoours to $2,409.35. “Interesting buildup is observed across the crypto sphere. Bitcoin, Ethereum and other major Alts are slowly moving out of consolidation,” said Edul Patel, chief executive and co-founder, Mudrex- A Global Crypto Trading Platform.
“As the asset continues to go more mainstream, and adoption among investors and institutions increases, Bitcoin will remain an attractive asset. Bitcoin witnessed a sharp correction of almost 53 % from its peak of $64,899. Post this the asset was consolidating and trading in the ‘Symmetrical Triangle’ pattern. Last week the prices gave a breakout on the downside and made the weekly low of $31,004.95. Technically, on the daily time frame, the asset has made a ‘Dragonfly Doji’ (Trend Reversal) pattern where the lower longer shadow indicates buying at the crucial support level of $31,111 and has started moving upwards since,” said ZebPay Trade Desk.
Take a look at the top cryptocurrencies and their prices on June 17 (data from coinmarketcap.com while publishing the article):
Bitcoin $38,824.74 -3.21% change in 24 hours
Ethereum $2420.34 -4.17% change in 24 hours
Binance Coin $354.36 -4.28% change in 24 hours
Tether $1 0.03% change in 24 hours
Cardano $1.52 -1.30% change in 24 hours
Dogecoin $0.3251 -1.30% change in 24 hours
XRP $0.8584 -0.53% change in 24 hours
Polkadot $23.53 -1.33% change in 24 hours
USD Coin $1.00 0.00% change in 24 hours
Uniswap $22.45 6.15% change in 24 hours
The World Bank said on Wednesday it could not assist El Salvador’s bitcoin implementation given environmental and transparency drawbacks. “We are committed to helping El Salvador in numerous ways including for currency transparency and regulatory processes,” said a World Bank spokesperson.
El Salvador this month became the first country to adopt bitcoin as legal tender. “While the government did approach us for assistance on bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings,” the World Bank said.