Bitcoin was trading at $19,776.60, down 0.43 per cent in the last 24 hours. The largest cryptocurrency by market capitalisation has fallen 2.07 per cent in the last one week.
Analysts said Bitcoin is continuing to show resilience at around $20,000 but it is being put to test as risk aversion sweeps through the market. They said a significant break of this level could send the cryptocurrency to June lows of around $17,500.
Ethereum rose 3.98 per cent to $1,638.43, taking its seven-day rise to 6.7 per cent.
BNB edged 0.58 per cent higher at $280.45. This crypto has fallen 2.26 per cent in the last seven sessions. Cardano declined 1.11 per cent while Solana added 1.50 per cent in the last 24 hours. Shiba Inu fell 1.54 per cent while Polkadot and Dogecoin were trading flat.
The global cryptocurrency market cap was trading at the $988.73 billion mark, rising 0.69 per cent in the last 24 hours. The total trading volume was up 33.64 per cent at $64.69 billion.
Crypto in news
- Binance, the world’s largest crypto exchange, said it is introducing “BUSD Auto-Conversion,” which will be used to convert any existing user balances and new deposits of USD Coin (USDC), Pax Dollar (USDP) and True USD (TUSD) into its own stablecoin. The move is intended to enhance liquidity and capital efficiency for users, the company said in a statement. Binance said it will remove and cease any trading on spot pairs that include USDC, USDP and TUSD; it will start the conversion on Sept. 29.
- Cryptocurrency critics, including economists and researchers, will gather in London and online this week to get their message across to regulators about the booming but volatile sector. A number of governments have expressed concerns over cryptocurrencies, but those behind the first Crypto Policy Symposium say they hope the event will prompt much more “critical discourse” of the sector.
- Crypto exchanges are now required to notify the UK authorities of any suspected sanctions violations under new regulations introduced in response to concerns that bitcoin and other crypto assets are being used to dodge restrictions imposed in reaction to Russia’s invasion of Ukraine.
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