Ether slumps after new record, Bitcoin pushes $ 32k

Ether, the second-strongest cryptocurrency currency in terms of market volume, fell in line with the market's response sales and correction after reaching a record high of $ 1,476 on Monday.

eToro cryptocurrency analyst Simon Peters said the price increase in Ethereum was based on the increased use of the Ethereum blockchain and increased institutional investor interest. "New improvements in the Ethereum network, increased enterprise input, and the inclusion of more software developers on the platform show that the future of Ethereum is bright. I think it is possible that the price of Ether will rise to $ 2,500 at the end of the year,” he said but warned against the fluctuating course of the cryptocurrency market. After that record increase, Ether TSI traded at $ 1,319 at 11:23 a.m.  

New statement from Janet Yellen 

Janet Yellen, US President Joe Biden's pick for Treasury Secretary, said last week that Bitcoin and cryptocurrencies were generally used for illegal activities and called for the market to be regulated. Yellen took a softer approach to cryptocurrencies in her remarks at a meeting of the U.S. Senate Finance Committee on Monday. “Like many technological advances, this technology offers possible benefits to the United States,” Yellen said, noting that Bitcoin and other digital cryptocurrencies enable financial transactions around the world. Yellen, who said the benefits offered by cryptocurrencies should be examined, also did not neglect to warn against the dark side of cryptocurrencies. Yellen cryptocurrencies terrorist financing, money laundering, and used for malicious activities that threaten the national security of the United States and its interests, that is also reminded, and added: “If confirmed, this fintech and innovation to create a draft of an arrangement in accordance with U.S. Securities I intend to work closely with the central bank and other authorities.” 

Following these statements, the downward trend in cryptocurrencies continued. Bitcoin, the market determinant with a total market volume of $ 584 billion 464 million, fell 4.44 percent to $ 31,758 at 11:23 p.m. Among the top 10 highest-volume cryptocurrencies, only Tether rose 0.06 percent, while chainlink saw the biggest depreciation at 7.01 percent.