Crypto Price Today: Bitcoin Below $23,500; Dogecoin, Shiba Inu fall 6-7%
Bitcoin, the largest cryptocurrency by market capitalization, fell 2.99 percent to $23,425 in the past 24 hours, snapping its seven-day loss to 4.66 percent.
Ethereum fell 3.83 percent to $1,846.50. This crypto has fallen 2.4 percent in the last seven sessions. BNB went down 4.45 percent to 306.97 dollars.
Cardano plunged 6.68 percent while XRP fell 3.22 percent. Solana, Dogecoin, Polkadot and Shiba Inu plunged 7-8 percent.
The global cryptocurrency market capitalization was traded at $1.12 trillion, falling as much as 3.28 percent in the last 24 hours. Total trading volume was up 11 percent to $70.81 billion.
Cryptocurrencies in the news
A Bloomberg report suggested that South Korea plans to block domestic access to foreign cryptocurrency exchanges that lack the proper registration to operate in the country, and may launch an investigation into the companies. An intelligence unit of the Financial Services Commission has reported 16 foreign crypto companies to the country’s investigative body and asked other agencies to block access to the firms’ local websites, the report suggested citing a statement.
The European Central Bank (ECB) said it would harmonize how banks offer crypto assets to ensure they have enough capital and expertise in a sector some EU lawmakers have described as the Wild West. Several crypto companies such as Binance and Crypto.com have been authorized in EU countries such as Italy, France, Spain, Greece or Germany after complying with national security measures to combat money laundering and terrorist financing.
The co-founder of failed cryptocurrency Terra, which collapsed and wiped out about $40 billion of investors’ money in May, has admitted he made “mistakes” but said he did not speak to South Korean investigators. The dramatic dissolution of stablecoin TerraUSD and its sister token Luna – both of which fell to almost zero in value – hit the broader crypto market, causing losses of over $500 billion.
Crypto lending exchange Crypto.com has laid off more employees in its second round, and this time the layoffs are worse than previous job cuts, as the global crypto meltdown deepens. According to a Decrypt report, citing sources, the latest round of cuts has not been publicly announced. According to the report, the Singapore-based company this time fired people “from critical products such as the stock exchange, app and wallet.”
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