Bitcoin Slip 4% To Trade Below $60K

Bitcoin, the world's largest and most well-known cryptocurrency, sank more than 4% on Wednesday, extending a week of declines that included a blockchain upgrade.

In a broad-based retreat from recent record highs, Ether has reached its lowest level this month. According to CoinGecko, the global crypto market cap has decreased 10% in the last 24 hours to $2.7 trillion.

After a sudden decrease in Bitcoin (BTC) price caused a market-wide sell-off on Nov. 16, practically every token in the top-200 flashed red, cryptocurrency traders are scurrying and scratching their heads.

VeChain, a supply chain tracking network, has just changed its consensus mechanism to the "world's greenest" means of confirming blocks on the chain, according to the company.

VeChain upgraded its VeChainThor mainnet to the first phase of the Proof of Authority (PoA) 2.0 SURFACE consensus algorithm on Nov. 16, marking a significant milestone in the company's six-year history.

According to a Bank of America poll of global fund managers seen by CoinDesk, one-quarter of surveyed global money managers estimate bitcoin to top $75,000 in the next 12 months.

This year, Bitcoin has more than doubled in value, while Ether has increased by approximately sixfold. Last week, both achieved new highs amid a craze for digital assets fueled by speculative demand and contentious claims that they help manage inflation risks.

Ether, the second largest cryptocurrency and the unit tied to the Ethereum blockchain, fell more than 5% to $4,111. The price of ether has been hovering around an all-time high, catching up to bitcoin's rise and riding on rumours of more blockchain usage.