Bitcoin, the world's largest and most well-known cryptocurrency, declined sharply on Tuesday as it expanded its weekly decline which also included the development of its blockchain.
Bitcoin dropped to $ 60,350 at the lowest rate per day, taking the loss of the record high of $ 69,000 hit on November 10 by more than 11%.
Ether, the second-largest cryptocurrency in market value, fell 4.5% to $ 4,355.4. Cryptocurrency analysts say there seems to be no news driving downside, and the movement seems to be driven by profits taken after a sharp run.
"There is a lack of news and this is pure local sales and other short-term sales. Without this, there are no significant issues," said Matthew Dibb, chief executive officer of Singapore-based crypto asset manager Stack Funds.
The value of Bitcoin has more than doubled since June, driven by the general adoption of cryptocurrencies and, more recently, the introduction of futures for bitcoin trading in the United States.
Bitcoin is undergoing major development, Bitcoin greatly improved on Sunday which enabled the blockchain to perform complex operations, which could potentially broader expenditure cases and make it more competitive with Ethereum by processing smart contracts.
Wise contracts are works that make their results based on planned inputs.
The development, called Taproot, is the most significant change in the bitcoin protocol since the change in blockchain power from SegWit (Divided Witness) in 2017. SegWit significantly increases the number of jobs that can be blocked by pulling data from signatures from bitcoin transactions.
Noelle Acheson, head of market information at Genesis, a leading retailer of digital currencies, said bitcoin applications have grown exponentially with Taproot.
"More flexible and low-cost transactions are likely to support further development of DeFi (fixed currencies) and NFTs (immovable tokens) in bitcoin, and may set the stage for technological development in the first crypto network," he said. added.
Taproot's continued performance has prompted, in part, a bitcoin rally meeting, to push up $ 69,000 on November 10. Over the past two months, bitcoin has risen by almost 47%.
It went through a major upgrade, called Taproot, on Sunday that allowed its blockchain to perform complex tasks, which could be wider of real money laundering cases and make it more competitive with ethereum to process smart contracts. Wise contracts are works that make their results depend on the planned input.
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