Crypto Price Today: Bitcoin, Avalanche, others fall up to 4.5%. Solana, Tron jump by up to 7%
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Synopsis
Bitcoin (BTC) was trading weak and was down 0.70% on Tuesday after recovering over the last few sessions. It was trading at $62,865 around noon. Other major altcoins that were trading in the red included Ethereum (ETH), Tether, BNB, Dogecoin (2.39%), Avalanche, and Shiba Inu were down by up to 4.5%.
Among the altcoins that were trading in the red were Toncoin and Tron which were down by up to 0.26%.
"Bitcoin has been under downward price pressure due to the upcoming release of a large amount of BTC from Mt. Gox and planned sales by government bodies. These events could lead to billions of dollars of potential selling. In times like these, the market takes a cautious approach and liquidity goes low," Nischal Shetty, CoFounder, Shardeum said.
Shetty's advice to long-term investors in Bitcoin is to not worry too much about the short-term liquidity issues and instead focus on the larger goal. "Times like these are tests for digital assets and Web3. Every time such events take place, the outcome is a far stronger and wiser ecosystem," he added.
Stocks Recommendations
While Avalanche was down over 4% today, it has been the best performer in the pack delivering returns of nearly 13%. Solana is another star performer with 9% returns. It has been on the up since asset manager VanEck's filed for the first Solana (SOL) ETF in the US. This follows closely on the heels of a similar Solana ETF launch in Canada just six days prior.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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