Bitcoin, Ether, Solana, Cardano Hold Steady After Steep Declines

Bitcoin, Ether, Solana and Cardano all traded flat to lower on Wednesday following a rout on Tuesday that saw bitcoin’s value plunge more than 6%, pushing the digital currency below the $60,000 mark for the first time in two weeks.

The lull in volatility came as an iconic venue in sports — Staples Center — announced it will be changing its name to Arena.   

At last check, bitcoin was down .01% at $60,498.19 after falling as much as 6.5% on Tuesday. The world’s biggest digital currency began the week at near $66,000. Ether, the second-biggest digital token by market value, traded at $4236.51, down 1.18%. Solana was down 2.53% at $219.20 while Cardano was down 0.72% at $1.88.

Tuesday’s price drop was likely sparked by several factors, including China’s crackdown on crypto mining, which a government spokesperson called “an extremely harmful” practice that “produces lots of carbon emissions.”

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