Crypto

Cryptocurrency prices were mixed today as bitcoin was trading nearly 2% lower at $33,930, while ether, a coin linked to the Ethereum blockchain network, was also down more than 1% to $2,234, data from CoinDesk showed. Similarly, Dogecoin also fell to $0.23, down 4%. XRP, Litecoin also declined over the last 24 hours.

However, other virtual tokens such as Cardano were trading with slight gains as it stood at $1.42 while Uniwrap rose 4% to $21.2. Uniwap’s volume increased by over 50% in the last 24 hours. However, it is still far from its peak in May.

Bitcoin started the week on the back foot after a recovery over the weekend that proved fleeting. It lost nearly 50% from its mid-April high amid questions about its energy consumption sparked by Tesla Inc.’s Aon Musk, as well as a scuffle from China. Still, its value has nearly quadrupled in value over the past year. The world’s largest cryptocurrency by market capitalization is up more than 16% this year (year-to-date).

Strategists have cautioned that a break below the key $30,000 level could spell trouble, while a move towards or above $40,000 is seen as the start of further gains, Bloomberg reported.

By Alex Alena

Alex Alena has been the lead news writer at Cryptocurrency Updates. With a degree in communications, Matt has an uncanny ability to make the most complex subject matter easy to understand.