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    Cryptocurrency updates on Oct 27: Bitcoin declines 4%; a coin gains 10,00,000% in 24 hours

    Cryptocurrency updates on Oct 27: Bitcoin declines 4%; a coin gains 10,00,000% in 24 hours

    Cryptocurrency updates on Oct 27: Bitcoin declines 4%; a coin gains 10,00,000% in 24 hours
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    By CNBCTV18.com  IST (Published)


    Bitcoin declined 4 percent Wednesday to trade at $60,000 as even long-term investors booked profits. Here's a snapshot of the crypto market as of Wednesday:

    Bitcoin, the largest cryptocurrency by market cap, declined 4 percent Wednesday to trade at $60,500, as extreme bullish sentiment seemed to be reversing.
    Its Fear & Greed index declined from the highest levels in seven months. As per a CoinDesk report, in the futures market, leveraged funds raised their bets against Bitcoin rising to a record high last week possibly to book profits.
    Meanwhile, Ether, the number two digital coin, also followed Bitcoin as it declined 1 percent after rising over 8 percent this week. Binance Coin also declined 1 percent and Cardano slipped 2 percent.
    Even Solana's rally faced some setbacks as the coin plunged 2 percent. The coin has risen over 30 percent in the last seven days.  Polkadot rose over 1 percent, rising over 8 percent this week. Dogecoin declined 2.5 percent.
    Shina Inu is currently at number 11. The coin has risen 20 percent in the past 24 hours and over 75 percent in the past seven days.
    A. Top 10 cryptocurrencies by market cap
    CryptocurrencyCurrent market price24-hour change
    Binance Coin$482-0.87%
    USD Coin$0.020.02%
    On Wednesday, the crypto market's total market cap - the barometer of the overall health of crypto market - declined 2 percent to $2.57 trillion. Meanwhile, Bitcoin’s dominance in the market decreased by over half a percent to 44.32 percent.
    B. Top crypto news updates
    Leveraged funds raise bets against Bitcoin 
    Leveraged funds on the Chicago Mercantile Exchange raised their bets against Bitcoin to record highs last week, most likely to book profit from the widening gap between spot and futures market prices, a CoinDesk report said.
    Who own Bitcoin?
    A relatively small number of people own majority coins. The top 1,000 investors own over 3 billion bitcoins, a new research showed. And some 10,000 investors own one-third of all bitcoins ever mined.
    Robinhood reports crypto trading slowdown
    Robinhood Markets Inc shares fell below their initial public offering price in after-hours trading after the retail broker reported softer revenue than expected for the third quarter as trading levels for things like the cryptocurrency dogecoin eased.
    US regulators exploring how banks could hold crypto assets 
    A top US bank regulator said officials are looking to provide a clearer path for banks and their clients that are looking to hold cryptocurrencies, in order to keep control over the fast-developing asset.
    Nigeria launches Africa's first digital currency
    Nigeria, the largest country in Africa, has launched the first central bank digital currency on the continent. The Central Bank of Nigeria announced eNaira went live on October 25.
    C. Top 3 trending crypto assets
    CryptocurrencyCurrent market price24-hour gain
    D. Top 3 gainers
    CryptocurrencyCurrent market price24-hour gain
    E. Top 3 losers
    CryptocurrencyCurrent market price24-hour loss
    Frosted Cake$0.00001002-90%
    Advar Protocol$0.0001888-83%
    (Data is sourced from coinmarketcap.com)
    (With inputs from agencies)
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