Cryptocurrency markets experienced significant declines during yesterday’s trading amid profit-taking and cautious investor behavior due to the ongoing U.S. government shutdown.

Bitcoin fell by 1.14% to $122,138 after reaching record highs above $126,000 earlier this week.

Ethereum dropped 3.66% to $4,351.76, Ripple declined 2.07% to $2.833, and Dogecoin fell 2.82% to 24.96 cents.

In a related development, Square, a subsidiary of Block Inc, launched a new suite of tools enabling merchants to accept Bitcoin payments and instantly convert their sales into the cryptocurrency, aiming to boost the use of cryptocurrencies in daily transactions.

The company announced that Bitcoin payment acceptance will start on November 10 with no fees charged on transactions, marking a significant shift toward integrating digital currencies into traditional payment systems.

These new tools allow merchants the option to convert their card sales directly into Bitcoin or retain proceeds in the digital currency.

Square explained that this step represents a major milestone toward making Bitcoin a daily payment method, noting that success also depends on establishing an appropriate regulatory environment.

The company called for a partial tax exemption (de minimis tax exemption) on small cryptocurrency transactions, arguing that buying a cup of coffee should not trigger capital gains tax obligations.

Markets awaited reactions to Federal Reserve Chair Jerome Powell’s remarks at a conference held yesterday alongside other bank officials including Michelle Bowman, following the release of the Fed’s latest meeting minutes which revealed divisions over next steps regarding the interest rate path.