Bitcoin Price Slips By Over 5% To Below $57000; Algorand Gains

The worldwide crypto market cap as on November 18, 2021 stands at $2.5 trillion, a 2.87 percent decline over the previous day. The overall crypto market volume also registered a decline over the previous day to $127.32 billion, a 3.8 percent fall.

Bitcoin Price Slips By Over 5% To Below $57000; Algorand Gains

Meanwhile, the top cryptocurrency by market capitalisation-Bitcoin was trading lower by over 5 percent to $56,764. Likewise, other cryptos also took a beating and fell by up to 12 percent as in the case of SHIBA INU. Some of the digital tokens that defied overall crypto market sentiment include Tether, USD Coin with marginal gains while Algorand gained the most by close to 11 percent.

Earlier in the session today, Bitcoin rose above $60,000 following past few session of weakness that led the crypto to its lowest price in November. The world's most popular crypto lately hit a new high of appx. $69K and on a YTD is up 108%.

In India, government is likely to tighten the noose around cryptocurrencies in order to discourage investors from investment in the novel asset class.

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