Barring Bitcoins and stablecoins, the remaining seven of the top 10 cryptocurrencies were lower at 9.30 hours IST. Bitcoin was up more than 3 per cent, whereas Polkadot tanked over 6 per cent.
The global crypto market cap eased marginally to $2.30 trillion compared to the last day. However, the total crypto market volume was almost a per cent down to $97.05 billion.
While financial markets fixated on Washington’s debt-ceiling scrimmage this week, Bitcoin quietly rose enough to put it on pace for its best week in months.
The euphoria in the crypto markets seems to continue. Over the past 24 hours, we saw the market giving steady returns while major altcoins found solid support, said Edul Patel, Co-founder and CEO, Mudrex.
“The volume of all the stable coins is now $78.00B, which is 80.46% of the total crypto market’s 24-hour volume. The next 24 hours should be interesting as the volumes go high and traders find it a good time to book profits,” he added.
After years of waiting for a US Bitcoin ETF, the crypto community may finally get as many as four products in a matter of weeks.
The White House is considering a wide ranging oversight of cryptocurrency market to combat the growing threat of ransomware and other cyber crime.
China has added cryptocurrency mining to a draft list of industries in which investment is restricted or prohibited, although it has reduced the number of sectors on the list overall, a document released by the state planner showed.
A recently released report by Bloomberg alleged that Tether had lent billions of dollars to crypto companies, and that it also has many short-term loans outstanding to large Chinese firms, said CoinDCX Research Team.
“This is particularly concerning given the collapse of several Chinese real estate companies in the past few weeks, and the prospect of a widespread financial contagion from overexposure to the crypto industry.”
In the face of such uncertainty, the prices of cryptocurrencies have seen a slight correction across the board, although bitcoin has remained rather resilient against all odds—a sign of growing confidence in the asset as digital gold.