Major cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) were trading in the red on Thursday night, while cryptocurrency Optimism (OP) rose 17.88 percent to reach $1.99 and was the biggest gainer of the day.
The global crypto market capitalization was down 1.58 percent to $1.07 trillion at 4:50 p.m. However, global crypto volume was down 15.51 percent to $64.46 billion, according to Coinmarketcap data.
The trading volume in the decentralized financial coins section is around 6.1 billion dollars, down by 11.13 percent.
Bitcoin
At 8:50 a.m., Bitcoin was down 2.19 percent at $22,845.38. A new bill filed in the US Senate would make the Commodity Futures Trading Commission (CFTC) the primary regulator of the world’s largest cryptocurrencies.
The bill, introduced by the Senate Agriculture Committee’s top Democrat and Republican, would give the derivatives regulator sole authority over Bitcoin and Ether, the two most prominent cryptocurrencies, as well as all other cryptocurrencies that are considered commodities.
BTC’s market cap was down 2 percent to $437,537,749,728. Fear is high in the crypto market, as trading volume is down 13 percent to $24,847,686,662.
Ethereum
The price of Ethereum (ETH) this evening was $1,616.93 and it was up by 2.56 percent.
Enkrypt, developed by MyEtherWallet (MEW), seeks to solve this problem. Originally envisioned as the first ever wallet interface for Ethereum, the team has recently refocused its efforts to address this emerging market problem by partnering with Polkadot to create its own Web3-compatible wallet extension, Enkrypt.
Ethereum did not move much in terms of price. Ethereum traded at $1,658.50 on August 4 at 10:30 AM, then fell sharply to $1,621 11:59 AM. The trading volume decreased by 23.22 percent to 15,667,122,753 dollars.
Other Altcoins
The price of Solana (SOL) fell by 2.41 percent to 38.68 dollars. Solana announced that there are no bugs in the core code; the error was in the third party wallet. Slope, the third-party wallet, allegedly stored users’ private key information in plain text.
This exploit was isolated to one wallet on Solana, and hardware wallets used by Slope remain secure.
While the details of exactly how this happened are still under investigation, key private information was inadvertently transferred to an application monitoring service. 2/3
— Solana Status (@SolanaStatus) 3 August 2022
Cardano (ADA) was down 1.72 percent at $0.502. The 24-hour trading volume for ADA decreased by 20.16 percent to $513,353,037.
Binance (BNB) was up 3.55 percent at $301.17. Its 24-hour trading volume increased by 13.03 percent to $2,198,121,156.
Meme Coins
Dogecoin (DOGE) fell 1.80 percent to $0.06661. Its 24-hour trading volume was down 21.1 percent to $257,969,089.
Shiba Inu (SHIB) was up 1.63 percent to $0.00001184, trading volume was down 14.44 percent to $308,302,345.
Decentralized Finance (DeFi)
Yearn.Finance (YFI) was down 0.91 percent at $10,823.02. Its 24-hour trading volume was down 26.54 percent to $100,627,158.
