The cryptocurrency price was trading below the $24,000 mark with bitcoin trading today. Bitcoin, the world’s largest and most popular cryptocurrency, was trading at $23,978, down more than 2%. According to CoinGecko, the global crypto market cap was above the $1 trillion mark today, even though it fell nearly 2% to $1.19 trillion in the past 24 hours.
Ether, on the other hand, is the coin linked to the Ethereum blockchain and the second largest cryptocurrency, increased nearly one percent to $1,894. Meanwhile, Dogecoin price was trading more than one percent today at $0.07 while the Shiba Inu also declined marginally to $0.000012.
Today’s performance of other crypto prices also declined as XRP, BNB, Litecoin, Chainlink, Tether, Polkadot, Tron, Avalanche, Stellar, Epcoin, Uniswap, Polygon prices were trading with cuts in the last 24 hours, However, Solana grew more than one. Percent to $43.
Cryptocurrency derivatives trading on centralized exchanges soared to $3.12 trillion in July, a 13% monthly increase, researcher CryptoCompare said on Thursday, as crypto prices show signs of recovery from the recent market crash.
CryptoCompare said that the derivatives market now accounts for 69% of total crypto volume, up from 66% in June, and helped push the total crypto volume on exchanges to $4.51 trillion in July.
BinanceUSD – a stablecoin issued by crypto exchange Binance – became more prominent in July, CryptoCompare said, as spot volume for bitcoin-to-BinanceUSD trades surpassed bitcoin-to-dollar for the first time.
According to a blog post on its website, BlackRock Inc., the world’s largest asset manager, has launched a spot bitcoin private trust for institutional clients in the United States. BlackRock said the trust will track the performance of bitcoin, offering direct exposure to the digital currency’s price.
The cryptocurrency market fell in May and June as concerns about high inflation and a hike in Federal Reserve interest rates prompted investors to abandon riskier assets. Following the collapse of a large pair of tokens, some cryptocurrency lenders halted customer withdrawals, and many crypto firms cut jobs. The price has partially corrected, with bitcoin up 17% in July. Ether has risen from June lows of $880 to around $1,900.
(with inputs from agencies)
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