Cryptocurrency prices on Tuesday rose marginally after remaining weak over the weekend and Monday.
Bitcoin, the world’s most popular virtual coin, has gained some traction after falling nearly 9 per cent last week. At 10:55 am, Bitcoin was trading 0.73 per cent higher at $34,715 despite a series of setbacks.
Ether was the only virtual currency that has gained considerable ground, rising nearly 7 per cent compared to its value 24 hours ago. The month has been harsh for the world’s second most valuable cryptocurrency, with record outflows in the last week of June.
Ether has lost roughly 22 per cent of its value against the dollar this month. However, its value has been rising since Monday.
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While most other cryptocurrencies rose marginally, the overall virtual coin market seems to be witnessing high volatility.
Developments over the weekend have dulled crypto market valuations, starting from UK’s directive to major cryptocurrency exchange Binance. The country’s Financial Conduct Authority (FCA) has ordered Binance to stop undertaking any regulated activity in the country, saying the firm lacked authorisation.
After a crackdown, a growing number of cryptocurrency asset firms abandoned attempts to register with Britain’s financial regulator, citing growing scrutiny of the rapidly-growing sector.
“No other entity in the Binance Group holds any form of UK authorisation, registration or licence to conduct regulated activity in the UK,” the FCA statement said.
It may be noted that Britain’s move came at a time when Binance is under scrutiny by regulators in other countries including the United States and Germany.
While the UK crackdown hampered cryptocurrency values, another development in Germany boosted them.
Germany’s financial market watchdog BaFin granted cryptocurrency exchange Coinbase permission to provide crypto custody services and proprietary trading. It is the first licence BaFin has issued for such business in the country. This led to some recovery in the overall cryptocurrency market.
However, the negative developments seemed to have outweighed positives by a large margin. For instance, Mexican financial authorities said yesterday cryptocurrencies “are not money” and warned of several risks associated with virtual coin trade.
Here are the latest prices and trends of popular cryptocurrencies:
|
Cryptocurrency |
Price (US Dollar) |
24-hour change |
Market cap (Billion) |
Volume (24 Hours) |
|
Bitcoin |
34,680.47 |
0.72% |
$649.65 |
$32.40 billion |
|
Ether |
2,111.42 |
7.04% |
$245.94 |
$30.46 billion |
|
Dogecoin |
0.255393 |
-0.12% |
$33.22 |
$960,686 |
|
Litecoin |
138.92 |
5.18% |
$9.44 |
$2.83 billion |
|
XRP |
0.651265 |
1.82% |
$65.08 |
$1.09 million |
|
Cardano |
1.33 |
1.00% |
$42.76 |
$1.03 million |
The joint statement was issued by the Bank of Mexico, the country’s finance ministry and banking regulators. Therefore, Mexico seems to have aligned its stance with a long list of nations that have expressed concern about cryptocurrencies.
The value of cryptocurrencies may witness higher volatility in the near future, as more countries are now expressing doubts on virtual coin trade after China initial crackdown. Analysts and experts who track the market have asked investors to be cautious before placing any fresh bets.
DISCLAIMER: The cryptocurrency prices have been updated as of 11:30 am and will change as the day progresses. The list is intended to give a rough idea about popular cryptocurrency trends and be updated daily.