In cryptocurrencies, Bitcoin prices today slipped marginally to trade below $48,000 level. The world’s largest crypto by market capitalization was hovering around $47,950. In August, Bitcoin rose over 18%, whereas it is up over 65% this year, while ether saw a larger monthly increase of 35.7% in the previous month and has gained 379% this year, as per CoinDesk.
Ether, the coin linked to ethereum blockchain also declined marginally to $3,573.8. Cardano prices fell 2% to $2.42 whereas dogecoin also plunged nearly 2% to $0.24. Other virtual tokens including Stellar, Uniswap, Litecoin also tanked over the last 24 hours. Meanwhile, Solana was trading lower over 3% lower at $150.
Binance Holdings Ltd, the world’s largest cryptocurrency exchange operator, saw 65% rise in trading volumes on its platform on a monthly basis in August, a report by digital asset data provider CryptoCompare showed. This was despite regulators around the world stepping up pressure on the crypto exchange. CryptoCompare ranks exchanges ‘top-tier” or ‘lower-tier’ based on factors that include, geography, legal/regulatory assessment, investment and market quality, among others.
Moreover, derivatives volumes also increased 37.8% in August to $3.4 trillion. Meanwhile, total spot volumes increased 40.0% to $2.6 trillion. The derivatives market now represents 56.6% of the total crypto market vs 56.9% in July. the data showed.
Meanwhile US cryptocurrency exchange filed an application with the National Futures Association on Wednesday to register as a futures commission merchant. The company is registering as Coinbase Financial Markets Inc. Earlier this year, Coinbase bought Skew, which is best known for tracking the derivatives market.
(With inputs from agencies)
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