Investing.com | Editor Venkatesh Jartarkar
Published Oct 10, 2023 10:57AM ET
On Tuesday, Bitcoin managed to hold its value above $27k, despite a minor dip of 0.89% amidst a general downturn in the cryptocurrency markets. The total crypto market capitalization stood at $1.07 trillion, marking a decrease of 1.52%. Other cryptocurrencies such as Ethereum, Polygon, Avalanche, and Solana experienced more significant declines in value. Ethereum traded at $1,587 after a 2.5% drop triggered by the Ethereum Foundation’s sale of 1,700 ETH.
The day’s trading saw Bitcoin reach a daily high of $27,986 and a low of $27,279, while its market cap stood at $539.420 billion. The total spot trading volume for Bitcoin significantly dropped by 63.3% to $12.110 billion. Amid these market conditions, a new HODLers Telegram community was established to offer support and insights to both novice and expert Bitcoin enthusiasts.
In parallel news, Ryan Selkis, CEO of Messari celebrated his decade-long journey in the cryptocurrency market on Tuesday. Selkis reflected on his initial Bitcoin investment made via Coinbase (NASDAQ:COIN) in 2013. His investment of $1350 for purchasing 10 Bitcoins would currently be valued at around $276,500, marking an impressive growth of 20,396%. Amid regulatory actions by the SEC against leading exchanges like Binance and Coinbase Global Inc., Selkis has proactively launched the advocacy group @DFA2024 to address industry skepticism.
In other financial news unrelated to cryptocurrencies, U.S. Mortgage Rates have hit a 23-year high of 8.09%, posing potential challenges for homebuyers and investors alike.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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Written By: Investing.com
