Bitcoin On Thursday, it fell 2.80 percent to $ 45,813.90. On the other end , Ethereum, Bitcoin’s rival currency, fell 1.13 percent to $3,474.44. Both Bitcoin and Ethereum have a total market cap of $861.7 billion, $408.062 billion respectively. This decline in the cryptocurrency market was partly led by El Salvador, a Latin American country that became the first country in the world to adopt bitcoin as legal tender. The mass adoption of bitcoin across the country led to a shocking situation. Several surveys in the country have shown that people in the country are skeptical of using bitcoin, due to its volatile nature.
On Monday, El Salvador bought its first 400 of the cryptocurrency, temporarily raising the bitcoin price by 1.49 percent to more than $52,680.
As of Thursday, the global crypto market cap stands at $2.09 trillion, a decrease of 1.11 percent from the previous day. The total crypto market volume in the last 24 hours is $179.80 billion which is a decrease of 25.59 percent. The total volume in DeFi currently stands at $23.66 billion, which is 13.16 percent of the total crypto market 24-hour volume. The volume of all stablecoins is now $140.74 billion, which is 78.28 percent of the total crypto market 24-hour volume. On the other hand, in the past 24 hours, the dominance of Bitcoin fell by 0.60 percent and is currently at 41.39 percent.
Cardano was trading down 5.65 per cent at $2.40, although Dogecoin was trading down 3.62 per cent at $0.2514.
“After a choppy session on Tuesday, the crypto market showed faint signs of recovery over the past 24 hours. BTC continued to hover above the $46,000 level, while altcoins remained under pressure. Sellers are quite active and foresee another potential breakdown. Want to cash in. But the bulls have managed to maintain the support level so far. The largest Altcoijn, Ether, rose marginally and approached the $3500 mark.” Edu Patel, CEO and co-founder of Mudrex-a global crypto trading platform, said.
However, here in India, after Raghuram Rajan, former RBI deputy governor R Gandhi, speaking at an event, said cryptocurrencies should be paid through normal payment channels. If they are not, it should be considered mining and capital gains tax should be levied. It’s like voluntary disclosure. Transactions should be tracked solely through a repository. He also focused on whether this currency should be declared as a property or a commodity.
“Technical indicators indicate that volatility in the markets has increased. Bollinger Bands are expanding, and we can expect volatility to continue in the near term. Algorand was one of the showstoppers yesterday after gaining nearly 45 percent and entering the list of the top 30 cryptocurrencies by market capitalization. Multiple speculations suggest that ALGO may be the preferred blockchain platform for the creation of central bank digital currencies or CBDCs. The total crypto market cap is approximately $2.08 trillion, a slight decrease of 2.03 percent from the previous day. The total crypto market volume in the last 24 hours is $193.23B, which is a decrease of 11.14 percent. The total volume of DeFi currently stands at $26.14B, which is 13.53 percent of the total crypto market cap,” Patel said.
Here are the top cryptocurrencies and their prices as of September 09, 2021 (data from coinmarketcap.com when the article was published)
Bitcoin converts to $45,813 or (-2.80 percent) in 24 hours
Ethereum moves up to $3,474.44 or (-1.13 percent) in 24 hours
Cardano $2.40 or (-5.65 percent) converts in 24 hours
Binance Coin converts to $404.89 or (-4.35 percent) in 24 hours
Tether converts at $1.00 or (+0.00 percent) in 24 hours
XRP converts to $1.09 or (-4.42 percent) in 24 hours
solana converts to $208.54 or (18.33 percent) in 24 hours
Dogecoin converts to $0.2516 or (-3.47 percent) in 24 hours
Polkadot converts to $27.18 or (-4.78 percent) in 24 hours
USD coin changed by $1.00 or (0.05 percent) in last 24 hours
Uniswap $23.07 or (-6.50 percent) converts in 24 hours
Chainlink converts $26.66 or (-7.70 percent) in 24 hours
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