Ahead of New Year’s Eve, major cryptocurrencies took a hit. Most of them were trading in the red and the overall crypto market cap was $2.39 trillion, down 2.33 per cent. Investors were seen taking some money off the table, which is evident by the fact that trading volume over the past 24 hours increased by 17.39 per cent to $87.55 billion while prices remained subdued.
In yet another positive development for the world’s largest cryptocurrency exchange by volume, Binance has successfully incorporated a new company ‘Binance Canada Capital Markets Inc’ and registered with Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) and also with AML which is Canada’s Anti Money Laundering and Anti-terrorism financing regulator, tweeted Changpeng Zhao, CEO of Binance, reported coindesk.
The bears have managed to bring back the price of Bitcoin, the world’s oldest cryptocurrency, below the $50,000 mark to $49,692.17, indicating a decrease in price by 2.34 per cent, at 8.39 am. Coinmarketcap data also showed that its rival Ethereum was also not immune to this broad market-based sell-off. It was trading with a loss of 2.96 per cent at $3,956.18. Ethereum’s trading volume, however, surged by 23.70 per cent at $12,648,959,617 at 8.47 am.
“The sovereign supply of Bitcoin, which is the total coins held outside of exchange reserves, reached an all-time high which usually occurs during a Bitcoin bear market, but hints at coin redistribution from the weaker to the stronger in the long term,” says Gaurav Dahake, CEO and co-founder, Bitbns.
Cardano (ADA) is up by 1.24 per cent at $1.48. Algorand, which is known as the Ethereum killer, was down by 2.73 per cent at $1.56; its market cap now stands at $9,889,372,525.
Among other major coins, Binance Coin (BNB) is marginally up by 0.44 per cent at $549.73, despite several positive developments regarding its crypto exchange operations, while Solana (SOL) crashed by 5.01 per cent to trade at $188.59.
Meme Coins And DeFi
Dogecoin (DOGE) was trading with a loss of 5.58 per cent at $0.1801. Its trading volume, however, surged by 29.21 per cent at $798,660,863 in the last 24 hours. Rival Shiba Inu (SHIB) is down by 4.54 per cent at $0.00003686.
ELON is trading with a minor loss of 0.02 per cent at $0.000001642. Floki Inu is, however, down by 9.01 per cent at $0.0001192. Samoyed Coin (SAMO) is trading with a loss of 2.30 per cent at $0.04264.
In the DeFi segment, YFI (yearn.finance) saw its trading volume spike by 91.43 per cent at $306,496,286. At 8.47am, YFI was trading with a loss of 2.57 per cent at $30,379.18.
United Kingdom-based crypto miner ARGO saw its profit rise by a record margin despite a volatile trading year for Bitcoin. Peter Wall, CEO of ARGO was quoted as saying in a recent interview, “We see everything maturing so quickly you know, not just the capital markets but the regulators are taking the space more seriously,” reported thebharatexpressnews.com.
Ray Dalio, a prominent figure among the investment community and founder of Bridgewater Associates was quoted as saying in an interview about Bitcoin, “It has proven itself. It has not been hacked, it has operated amazingly over 11 years to be probably the most exciting topic among a lot of people.” reported cryptopotato.