Bitcoin Steady Above $27K
By Laxmikant Khanvilkar
Bitcoin, the largest cryptocurrency by market value was stable and recently trading above $27,300 level as investors continued to assess the impact of the lawsuit filed by the U.S. Commodity Futures Trading Commission (CFTC) against Binance. The commodity markets regulator pulled up Binance and founder Changpeng Zhao for the alleged regulatory violations including running an illegal exchange and a “sham” compliance program.
BTC has fallen 3% over the past week after the CFTC lawsuit was filed on Monday. That suggests, the gravity and fear about the potential impact of the CFTC suit against the world’s largest crypto exchange by trading volume, and increasing regulatory scrutiny that threatens to place some of the same restrictions on the industry as on traditional finance.
Ether (ETH), the second-largest cryptocurrency in market value, was recently changing hands at about $1,772, a nearly 4% gain. Crypto payment platform Ripple’s XRP token price jumped over 10% Tuesday to 52 cents, its highest level in five months.
The global crypto market cap has grown by 1.74% in the last 24-hours, to $1.15 tn. However, the total crypto market volume has decreased by 6.01%, amounting to $39.84 bn. DeFi’s total volume is currently $3.54 bn, representing 8.88% of the total crypto market volume, while the volume of all stablecoins is $35.57 bn, or 89.28%. Bitcoin’s dominance has decreased slightly to 45.83%, a dip of 0.43% from yesterday.
Meanwhile, software provider MicroStrategy’s announcement on Monday that it had bought roughly $150 million more in bitcoin over the past five weeks and pre-paid the remaining principle on a loan from failed, crypto-focused Silvergate Bank.
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