Bitcoin Holds Ground Amid New Accounting Norm
By Laxmikant Khanvilkar
The leading virtual digital assets or VDAs prices have maintained steady tone during Thursday’s trade in Asia after companies holding cryptocurrencies received a breather from Financial Accounting Standards Board (FASB) and ARK Invest submitted paperwork for a spot ether ETF.
However, the stronger ISM Services Index for August at 54.5, applied pressure.
Bitcoin (BTC), initially rallied 2% to above $25,900 after the FASB approval. But, the rally faded quickly with bitcoin giving up session gains and returning to $25,728.14, down 0.20%.
Ethereum (ETH) followed a similar pattern. The second largest crypto in market value, was quoting 0.02% down in the last 24-hours to $1,631.75.
FASB essentially approved a rule dictating that public and private companies with crypto on their balance sheets use fair-value accounting when reporting holdings. Companies currently have to mark crypto holdings at the lowest value they hit during a quarter.
The global crypto market cap eased 0.08% to $1.04 tn, over the last 24-hours. Conversely, the total crypto market volume gained 9.23% to $26.89 bn. The total volume in DeFi is currently $2.18 bn and all stablecoins $25.74 bn, representing 8.10% and 95.70% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance eased 0.05% to 48.18%.
IC15 index, the barometer of top fifteen tokens, edged down 0.04% to 33,807.30.
Meanwhile, Cathie Wood’s ARK Invest and 21Shares have joined hands to file paperwork to bring the first spot ether ETF in the U.S.
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