Cryptocurrency update: Bitcoin falls over 4%, Ethereum slips nearly 7%
Bitcoin and Ethereum fell by 4.22% trading at $30,190.03 and 6.95% trading at $1,753.48. All other cryptocurrencies were in red
Prices of major cryptocurrencies like Bitcoin and Ethereum continued to be in red on July 20. The former fell by 4.22% trading at $30,190.03, while the latter fell by 6.95% trading at $1,753.48.
Tether, the third most valued cryptocurrency, which rose marginally on Monday by 0.06% to $1.00, also fell by 0.02% trading at $1.00. USD coin which added 0.09% at $1.00 yesterday, also fell by 0.01% trading at $1.00.
All other cryptocurrency prices, among the top 10 like Binance Coin, Dogecoin and Polkadot maintained the downward trend today.
Top 10 Cryptocurrencies for July 20
| S.No | Name | Price | %Change |
| 1 | Bitcoin | $30,190.03 | 4.22 |
| 2 | Ethereum | $1,753.48 | 6.95 |
| 3 | TetherUSDT | $1.00 | 0.02 |
| 4 | Binance Coin | $266.68 | 10.35 |
| 5 | Cardano | $1.08 | 8.48 |
| 6 | USD Coin | $1.00 | 0.01 |
| 7 | XRP | $0.5346 | 8.34 |
| 8 | Dogecoin | $0.169 | 6.02 |
| 9 | Binance | $1.00 | 0.02 |
| 10 | Polkadot | $10.76 | 12.87 |
*All prices as on 20 July 2021, at 8:45 AM, Table Source:coinmarketcap.com
Ethereum Co founder quits
Anthony Di Iorio, one of the eight founders who helped built the popular blockchain platform Ethereum in 2018, had 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.
Yesterday 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.