Broadly, the cryptocurrency markets remained on the back foot in Tuesday morning’s trade.
Solana was down the most in Tuesday’s early deals whilst the Bitcoin, Ethereum and Cardano cryptocurrencies.
Trading at US$213.57, Solana was down 4.24% – as demand for the ‘low cost’ alternative to Ethereum eases whilst ETH prices are themselves lower.
Ethereum is down only 1% on Tuesday at US$4,171, some 14% lower that October’s all-time high.
Bitcoin traded 1.5% lower at US$56,556 with market commentators eyeing a likely dump of some 141,000 BTC that have been restricted for the past seven years amidst the collapse of the Mt. Gox exchange.
The failed Japanese exchange facility the bulk of transactions in the earlier phases of crypto, and, trustees have been sat on a pile of Bitcoins that are today worth close to US$8bn. Those coins will soon be redistributed to creditors.
In the meantime, the Bitcoin price remains some way off the key psychological US$60,000 resistance. So, it seems Bitcoin bulls and HODLers will need to stay patient.
Elsewhere, the Cardano ‘alt-coin’ was off just over 2% at US$1.78.
Decentraland, a cryptocurrency used in a ‘metaverse’ platform, was among few risers up 13% changing hands at US$4.20 in the run-up to the Thanksgiving holiday later this week in the United States.
And in other crypto news … lawyers representing the estate of world-renowned author JRR Tolkein, creator of the Lord of the Rings and the Hobbit, have taken legal action against the creator of the crypto coin ‘JRR Token.’
The coin which was launched in August 2021 under the domain ‘jrrtoken.com’, was said by the estate, to breach the trademark of the author.