Bitcoin Holds Near $23.5k
By Laxmikant Khanvilkar
After last week’s rout in risky assets, including cryptocurrencies after chewing over FOMC minutes, the markets seems to have found solace in news coming out from the G20 summit. The group of 19 nations and European Union, has decided to chart the way forward for globally coordinated crypto rules, based on a new synthesis paper, jointly produced by the International Monetary Fund (IMF) and the Financial Stability Board (FSB). The announcement was made by India as the holder of the Group of 20 (G20) Presidency in Bangalore on Saturday.
The coordinated approach seemingly helped soothe traders nerves. Bitcoin has revisited the $23,500 zone. The largest cryptocurrency was last quoting at $23,491. Ethereum surged to $1,637.
The crypto market cap has risen by 1.84% in the last 24 hours, bringing the total market cap to $1.08 tn. However, the total market volume has decreased by 7.25%, amounting to $34.42 bn. DeFi accounts for 11.28% of this figure, standing at $3.88 bn, while stable coins make up 88.09% ($30.32 bn). Bitcoin’s dominance has dropped by 0.08%, currently standing at 42.17%.
Meanwhile, technical snag on the Solan Network created panic among its users. The blockchain started “forking”, according to Solana’s Discord server, which throttled users’ ability to trade crypto, transfer assets, or do anything on-chain.
In another news, tokens of Shiba Inu-themed Floki acceptance as collateral to borrow a basket of cryptocurrencies on Venus Protocol, the second-largest lending platform on the BNB Chain, will allows FLOKI token holders to easily access liquidity without having to sell their tokens.
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