Cryptocurrency update: Bitcoin gains nearly 2%, Ethereum climbs 4%
Prices of major cryptocurrencies continued to stay in green, as Bitcoin was up by 1.83% and Ethereum was up by 4.08%
Major cryptocurrencies traded in green in the last 24 hours. Bitcoin, world’s largest cryptocurrency jumped 1.83%, while Ethereum added 4.08%. Both the currencies were trading at $32,624.77 and $2,059.82 respectively. Today’s rise comes after crypto prices saw a massive rise on Thursday, as Tesla CEO Elon Musk said that he has invested in Bitcoin and Ethereum.
Other cryptocurrencies like Dogecoin, Binance USD and XRP are up by more than 5%. While Binance Coin has risen by almost 1.97%.
Top 10 Cryptocurrencies on July 23
| . | Name | Price | %Change |
| 1 | Bitcoin | $32,624.77 | 1.83 |
| 2 | Ethereum | $2,059.82 | 4.08 |
| 3 | Tether USDT | $1.00 | -0.02 |
| 4 | Binance Coin | $295.45 | 1.97 |
| 5 | Cardano | $1.19 | 2.83 |
| 6 | XRP | $0.5968 | 5.61 |
| 7 | USD Coin | $1.00 | -0.03 |
| 8 | Dogecoin | $0.192 | 1.93 |
| 9 | Binance USD | $13.33 | 10.61 |
| 10 | Polkadot | $1.00 | -0.04 |
*All prices as on 23 July 2021, at 8:45 AM, Table Source:coinmarketcap.com
Elon Musk backs Cryptocurrencies
In an online panel discussion involving Twitter found Jack Dorsey, Musk said that he believed in Cryptocurrencies playing a major role in increasing the power of the individual with the government. The Tesla boss has also invested in Dogecoin, in addition to Bitcoin and Ethereum.
Despite the volatility and the losses incurred by him, when the prices of these Cryptocurrencies decline he does not intend to sell them.
He was quoted in the forum sponsored by Crypto Council for innovation saying “I pump but I do not dump”.
Musk also added that Tesla would resume auto sales in Bitcoin which he suspended citing environmental concerns in using high energy for mining of the Cryptocurrency.
Jack Dorsey plans to launch Bitcoin wallet
Twitter founder Jack Dorsey, who also owns the digital payments firm Square, has announced plans to launch a Bitcoin wallet. He said that he was a staunch believer in the currency as a way to reduce transaction costs and improve people’s lives.
He also added that Bitcoin is a native currency for the internet that would allow more people to make cross border payments and facilitate different online business models.