Bitcoin slips to $58,990 as crypto market sheds 5.6pc

The cryptocurrency market faced a bearish trend on Wednesday, with the market capitalisation shedding 5.6 percent to fall to $2.60 trillion as of 1340 hours GMT.

Bitcoin, the largest cryptocurrency, shed 5.06 percent to reach $58,990. With this decrease in price, the market capitalisation of the biggest cryptocurrency has reached 1.11 trillion. Likewise, ether (ETH) price shed 4.50 percent to reach $4,000. With this decrease in price, the market capitalisation of ETH has reached $469.4 billion. Similarly, XRP price shed 8.06 percent to reach $1.02. The market capitalisation of XRP stands at $102 billion after this decrease. Likewise, cardano (ADA) price shed 8.03 percent to reach $1.99. Its market capitalisation has reached $64.4 billion with this decrease. Similarly, dogecoin (Doge) price went down by 10.87 percent to reach $0.238. With this decrease in price, the market capitalisation of doge has reached $31.2 billion. Meanwhile, the Bitcoin Fund, a closedend investment vehicle-based in Canada, has received regulatory approval from the Dubai Financial Services Authority (DFSA). The fund debuted on Nasdaq on June 23, 2021, and became the first listed digital asset fund in the Middle East. The fund’s goal is to provide investors with exposure to Bitcoin (BTC) and the daily price changes of Bitcoin in United States dollars, as well as long-term capital appreciation. The fund is a diversified portfolio of digital assets that invests in Bitcoin and U.S. dollar-denominated money market instruments. A report by Trade Arabia states that the Bitcoin Fund is now in a position to list up to $200 million worth of units on Nasdaq Dubai, following its approval by the DFSA. This allows the region’s first cryptobased product, which is listed on a regulated platform, to satisfy growing demand from institutional investors. The Bitcoin Fund will be available to investors of all levels from big banks to individual traders. Nasdaq Dubai is the first official stock exchange in the Middle East to offer this new service, which is part of its commitment to embracing fintech. TLTP