Bitcoin is trading amidst a wide range of 10% after it has hit $34893.98 high and 31491.66 low in the last 24 hours. The crypto assets were trading lower than 3.66%, with a value of $32119 on Tuesday. This data is according to the crypto exchange of WazirX.
The fall came during the confirmation of Janet Yellen in the US senate as the next Treasury chief. The former federal reserve chairperson from last week came up with the comment that cryptocurrencies are being used for illegal activities. It is giving birth to the fears regarding Joe Biden’s administration, which is going to crack the cryptocurrencies down.
The biggest cryptocurrency, along with its market capitalization, is ranging over $600 billion, which is approaching along with a return period near 9% on the basis of year to date.
Sathvik Vishwanath, the co-founder, and chief executive officer of Unocoin, said, “This week is very interesting when we see the price of bitcoin. Whatever used to happen with retail investors is happening now for institutional ones, as we have seen some of them cashing out and booking profits because the market was moving sideways. The sentiment among both retail and institutional investors towards the crypto market looks bullish, while many experts predict a price correction soon.
The question remains about when it is going to happen and at what price range.”
Other cryptocurrencies like ether, stellar, and ripple are also trading near the red, with a fall of around 6.23%, 5.15%, and 3.56%, on Tuesday.
Ether, on the other hand, had touched the session with a fresh all-time high of $1475. The crypto assets are going up 82% on the basis of YTD.