Bitcoin Stabilizes After 5% Decline, Ethereum and Dogecoin Drop Further
Flagship cryptocurrency Bitcoin stabilized on Friday following a 5% decline on Thursday
The price of the coin fell to $33,300 on Thursday amid a crackdown on the crypto industry.
Other cryptocurrencies such as Dogecoin and Ethereum also fell by 4.3% and 4% on Friday morning.
Bitcoin is trading at $33,300 on Friday, which represents a decline of %1.5 in the last 24 hours.
The flagship cryptocurrency has stabilised after a huge decline that brought it down from above $36,000 on Thursday.
Meanwhile analysts at top American bank, JP Morgan have told crypto investors to anticipate a drop to $25,000 for Bitcoin.
External sentiments surrounding a crackdown on cryptocurrency mining in China has impacted the value of the cryptocurrency.
Altcoins such as Ethereum, Dogecoin and Binance coin have fallen further on Friday morning.
Dogecoin’s value had initially risen on Thursday when tech billionaire Elon Musk promoted the meme coin on his Twitter account.
However, the Tesla CEO’s support was not enough to stop Doge from falling by over 5% on Thursday morning.
The meme cryptocurrency is currently trading at $0.239 while Ethereum and BNB are trading at $2,036 and $277 respectively.