Bitcoin Falls Below $6,300, While Ether Slumps to One-Year Low By

© Reuters. Ether slumped on Tuesday. – was lower on Tuesday, while Ether slumped to a one-year low as the crypto bear market continued.

Bitcoin inched down 0.35% to $6,274.00 on the Bitfinex exchange as of 8:23 AM ET (12:23 GMT).

Cryptocurrencies overall were lower, with the coin market cap of total market capitalization at $193 billion at the time of writing, compared to $195 billion on Monday.

,or Ether, the second-biggest alternative currency by market cap, fell 2.83% to $190.32, not far from a fresh one-year low of $187.40. Some experts argue its fall is due to the failure of initial coin offerings, or ICOs, which often issue Ether due to its smart-contract capability. As ICOs become strapped for cash, they raise funds by selling Ether.

Meanwhile, , the third-largest virtual currency, decreased 4.18% to $0.26227 and was at $53.544, down 1.68%.

In other news, the New York Department of Financial Services approved a stablecoin proposed by twins Tyler and Cameron Winklevoss. Called the Gemini dollar, it will be backed by U.S. dollars held at State Street Bank.

“As the financial technology marketplace continues to evolve, New York is committed to fostering innovation while ensuring responsible growth,” New York DFS Superintendent Maria T. Vullo said in a press release.

The state agency also approved a virtual coin backed by fiat currency proposed by blockchain startup Paxos.

Elsewhere, banking giant Citigroup has come up with a new way of speculating on alternative coins without actually owning them. The bank has created a Digital Asset Receipts, or DARs, which represent a call on a virtual coin held by a custodian. The company hopes that DARs will provide a less risky way for financial institutions and clients to invest in crypto.

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