World's largest cryptocurrency Bitcoin fell over 3% today. The price of Bitcoin declined 3.62% to $49,108 on Coinmarketcap. Market cap of the cryptocurrency fell to $927.745 billion. Currently, the global crypto market cap stands at $2.31 trillion, losing 3.67%.
Other cryptocurrencies were also trading in the red today. Ethereum lost 4% to $3,906 and Dogecoin was trading 5.85% lower at $0.1793.
Digital token Stellar fell 5.20% to $0.2801 and Litecoin slipped 5.21% to $148.11. XRP declined 4.60% to $0.8809 and Uniswap lost 3.86% to $18.40.
Former Twitter CEO Jack Dorsey has said that cryptocurrency Bitcoin will replace the US dollar. Dorsey has been a big supporter of Bitcoin. He is also the co-founder and CEO of financial services company Block, formerly known as Square Inc.
Of late, crypto prices have risen on the back of comments from billionaire Elon Musk and Ark Investment Management LLC's Cathie Wood. In late July, Elon Musk said Tesla was "most likely" to start accepting bitcoin as payment again.
The comment helped the cryptocurrency race past the $30,000 level. The electric carmaker said in May that it would no longer accept the cryptocurrency for purchases. It's been a wild ride for bitcoin the last three years.
The digital currency made its big Wall Street debut in December 2017, when the major futures exchanges rolled out Bitcoin futures. The attention drove Bitcoin to roughly $19,300, a then-unheard of price for the currency.
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today