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

Bitcoin, Ether and Solana trade flat to lower following Tuesday's rout that saw bitcoin’s value plunge more than 6%; Staples Center to become Arena.

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."

In addition, Twitter  (TWTR) - Get Free Report CFO Ned Segal said investing in cryptocurrencies "doesn't make sense right now," according to the Wall Street Journal, as the company prefers to hold less-volatile assets such as securities.

Related: Buy the Dip, Some Crypto Analysts Say, But Remember the Risks

Either way, enthusiasm for digital assets and all things crypto isn’t going to the sidelines anytime soon.

In one of the biggest naming deals in sports history, Staples Center, the famous Los Angeles home of the Lakers, Clippers, Kings and Sparks, will soon be called Arena.

Singapore-based cryptocurrency exchange and AEG, the owner and operator of the arena, announced the $700 million naming rights deal late Tuesday. The famed complex will be named Arena for the next 20 years.

The arena’s new logo will debut Dec. 25, when the Lakers host the Brooklyn Nets, and all of Staples Center signage will be replaced with the new name by June 2022, according to reports. 

“In the next few years, people will look back at this moment as the moment when crypto crossed the chasm into the mainstream,” CEO Kris Marszalek told the L.A. Times.