Crypto On Nov. 17: Bitcoin, Ether In Red For Second Day; Shiba Inu, Dogecoin Slide

Top coins Bitcoin and Ethereum nosedived as the crypto market continued to remain bearish for the second consecutive day. Meme cryptocurrencies Dogecoin and Shiba Inu also slid in value Tuesday.

The global crypto market cap was, however, up by 3.57% in the 24 hours ending 2.13 a.m. ET and stood at $2.58 Trillion, the CoinMarketCap data showed.

Bitcoin was down by 1.65% in the last 24 hours and was trading at $59,617 while Ethereum fell 3.37% to $4169. Both of the top cryptos touched their record highs on Nov. 9.

Reuters reported that cryptocurrency analysts could not identify any particular news driving the falls, which they said seemed to be driven by profit-taking after a recent sharp run-up.

Meanwhile, another report cited President Joe Biden's signing of the infrastructure bill, which contained crypto tax provisions, as one of the main reasons for the fall in prices of Bitcoin and Ethereum. As per reports, China's warning against crypto mining in the country could also be the reason for the plunge.

Meme crypto Shiba Inu, which has spiked in the last few weeks, dipped 5.68% to $0.00004774, while its competitor Dogecoin fell 5.04% to $0.2342.

Among other coins, BinanceCoin was down by 6.48% and was trading at $564.84. Solana experienced a similar fall and was trading at $212.57. Cardano and Polkadot were also down by about 5%.

Tether, on the other hand, was slightly up by 0.09% in the last 24 hours and was trading at $1.00.

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.