Cryptocurrency update: Bitcoin falls 1.54%; Ethereum and Dogecoin gain over 2% each
Price of the world's most valued cryptocurrency, Bitcoin, tumbled after a sell-off in global markets, sparked by a surge in Covid-19 infections
Bitcoin, the world’s largest cryptocurrency, declined 1.54% to $29,848, while Ethereum gained 2.36%, while trading at $1,794 on Wednesday. Dogecoin rallied over 3.20% to $0.1745 , while Polkadot jumped nearly 3% to $11.09.
Other major cryptocurrencies like Binance coin showed a marginal increase of 0.29% and was trading at $268.68, whereas others continue to stay in red.
Top 10 Cryptocurrencies on July 21
| S.No | Name | Price | %Change |
| 1 | Bitcoin | $29,848 | -1.54 |
| 2 | Ethereum | $1,794 | 2.36 |
| 3 | Tether USDT | $1.00 | -0.01 |
| 4 | Binance Coin | $268.68 | 0.29 |
| 5 | Cardano | $1.07 | -1.05 |
| 6 | USD Coin | $1.00 | -0.03 |
| 7 | XRP | $0.5307 | -0.49 |
| 8 | Dogecoin | $0.1745 | 3.24 |
| 9 | Binance USD | $1.00 | -0.01 |
| 10 | Polkadot | $11.09 | 2.95 |
*All prices as on 21 July 2021, at 8:30AM, Table Source:coinmarketcap.com
Bitcoin price tumbles
Price of the world’s most valued cryptocurrency, Bitcoin, tumbled after a sell-off in global markets, sparked by a surge in Covid-19 infections.
According to reports, Bitcoin dropped as much as 5% to $29,300 on Tuesday, the lowest since June 22.
Ethereum co-founder quits
Anthony Di Iorio, one of the eight founders who helped built the popular blockchain platform Ethereum in 2018, has announced his departure from the crypto business, adding that he would like to solve larger problems. While speaking with coindesk, he said that he would be liked to be called a problem solver, rather than just a crypto person.
Iorio’s departure comes at a crucial time as the industry is facing setbacks due to environmental and regulatory concerns, but on the flip side it has also seen welcome announcements from countries like El Salvador and Paraguay.
Yellen and Powell worried on stablecoins
US treasury secretary Janet Yellen and Chair of Federal Reserve of United States Jerome Powell cast a wary eye on status of stablecoins.
On July 19, Yellen convened a group of financial-market and bank regulators to discuss rules for stablecoins. Lawmakers and regulators have raised alarms both in public and private that some of the consumers won’t be protected, should one of the stablecoin firms have the backing they claim to have. Adding to that the growing size of stable coins where huge amounts of U.S. dollar equivalent coins are being exchanged without touching the US banking system, potentially blinding regulators to illicit finance.
Jerome Powell testified before Congress that they are like money funds and bank deposits growing incredibly fast but without any regulations. Money market funds needed swift actions to be taken by fed during the Covid-19 crises to keep the uninsured investment pools from possible collapse.