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Cryptocurrency Prices: After reaching record highs, bitcoin prices fall, slipping below the level of $ 63 thousand

The price of cryptocurrencies has seen a decline on Friday.

Bitcoin Prices Today: The price of cryptocurrencies has seen a fall on Friday. Bitcoin prices have fallen from record highs. Earlier, the US bitcoin futures had reached a record high after the start of the exchange-traded fund. By market capitalization, the price of bitcoin, the world’s largest cryptocurrency, was down 4 per cent to $62,740.

Ether, dogecoin also fall

Ether, belonging to the Ethereum blockchain and the world’s second-largest cryptocurrency, fell more than 2 percent to $4,112. Cardano prices have come down by about 3 percent to $2.16. Whereas, dogecoin has also fallen 3 percent to $ 0.24. Other digital tokens such as Shiba Inu, Binance Coin, Litecoin, Uniswap, XRP were also trading lower. However, the Solana saw a jump of more than 10 per cent.

Bitcoin prices rose to a record high of $66,974 on Wednesday. The recent rally comes after its previous record high of $64,895. This uptrend has been seen after the launch of the ProShares bitcoin strategy.

What do experts say?

Investors are of the view that the Bitcoin ETF, whose launch has been awaited for a long time, will make both retail and institutional investors a big investment. However, some analysts have cast doubt on how long the stimulus to bitcoin prices from the ProShares ETF, which trades under the ticker BITO, will last. He says whether the launch of BITO itself will bring more and substantial investment of new capital into bitcoin. He is skeptical about the sheer number of investment options that bitcoin investors already have.

ETFs do not invest directly in bitcoin. Instead it invests in the futures market linked to bitcoin. But the industry believes that ETFs will bring in a large number of new investors. Experts say that investors with old brokerage accounts can buy ETFs. For example one does not need to open a trading account for crypto.

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Shehnaz Ali
Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.
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