Bitcoin Price Drops Below $46,000 Today

Bitcoin price today was trading at 46,154.06, down 3.72 per cent. The global market cap of the virtual currency stood at $868.66 billion. In a fresh round of positive news regarding cryptocurrency, the Blockchain-based music streaming platform Audius raised $5 million in a strategic round of funding from some of the top names in the music industry.

Bitcoin Price Drops Below $46,000 Today

Artist investors in Audius include Katy Perry, Nas, The Chainsmokers via their Mantis VC, Jason Derulo, Pusha T, Steve Aoki, Linkin Park’s Mike Shinoda, and Disclosure, Decrypt reported. The platform claims to have nearly six million monthly active users is a decentralized music streaming application owned and run by an open source community of artists, fans, and developers. On Friday, the rival currency of Bitcoin was trading in red at $3,232.91, down 5.40 per cent. However, its market cap stood at $380.17 billion.

“It was a relatively calm weekend for most of the large cryptos. Bitcoin price hovered close to the $48,000 level, and Ether settled lower than the $3400 mark after declining per cent. There was minor profit booking across the spectrum. However, with a decrease in traded volumes, such profit bookings are natural. As long as there is no significant decline, such consolidations can be overlooked. One interesting thing, however, is that exchange data shows that the supply of Bitcoin across exchanges has drastically fallen. It could lead to a massive rally in Bitcoin prices over the coming months. We saw the total market cap declining by a meager 1.15 per cent as the traded volumes dipped more than 8 per cent. Traders are currently looking at the market for directional cues and therefore are refraining from making aggressive trades,”Edul Patel, CEO and Co-founder, Mudrex- A Global Crypto Trading Platform said.

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Apart from Ethereum and Bitcoin price, the virtual currencies trading in the red were Cardano, Binance Coin, XRP, Sonala. On the flip side, Tether, USD Coins showed some gains. Cardano was trading at $2.18, down 7.67 per cent, the market cap of cardano stood at $70,70 billion.

We’ve recently seen a lot of buzz around Altcoins like Cardano(ADA), UniSwap(UNI), Solana(SOL) and so on. The last couple of days, Cardano has been testing the support levels of $2.3 to some degree. It has been estimated that over 3000 smart contracts have been locked in a time lock contract.

However, once access is granted to developers, tokens like Cardano may experience a once in a lifetime market phenomena. Interestingly, Bitcoin price continues to dwell around the $48,000 mark, despite meagre trading volumes. BTC tried to challenge the $49K levels, however was met with rejection which drove it back down to $47.5K levels. We can expect a few weeks of consolidation at these levels before we see any major momentum. Magnum Real Estate group, one of the major real estate firms in New York, is set to accept Bitcoin as payment, increasing the number of organizations that have started adoption of cryptocurrencies as payments,” Siddharth Menon, COO, WazirX said.

The global crypto market cap on Friday is $2.04 trillion, a 4.91 percent decrease over the last day. The total crypto market volume over the last 24 hours is $84.08 billion, which makes a 4.63 per cent decrease. The total volume in DeFi is currently $12.94 billion 15.39 per cent of the total crypto market 24-hour volume. The volume of all stable coins is now $64.04 billion, which is 76.16 per cent of the total crypto market 24-hour volume. Bitcoin price dominance is currently 42.59 per cent, an increase of 0.47 per cent over the day.

Bitcoin Price Drops Below $46,000 Today via @MasterMindUpdate
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