After a surge in Bitcoin’s value on Monday following a major upgrade to its network, the cryptocurrency has plunged by over 6 per cent in the last 24 hours to below $61,000 on Tuesday.
Several other leading cryptocurrencies, including Ethereum (ether), Solana (SOL), and Cardano (ada), as well as the meme coins dogecoin and shib inu, have also dropped in value in the last day.
Most of the top 10 cryptocurrencies are down by between 6 to 10 per cent, with the mini crash coming less than a week after several of them hit all-time highs.
Bitcoin’s price is yet to dip below $60,000 and appears to be bolstered by the rollout of the long-awaited Taproot update over the weekend, which improves both the privacy and security of BTC.
The price falls wiped more than a hundred billion dollars from the overall crypto market, though it remains above $2.5 trillion.
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