Cryptocurrency update: Bitcoin drops 2.1%, Ethereum falls 1.8%
Only 3 out of the top 10 major cryptocurrencies Cardano, USD Coin and Polkadot were trading in green, gaining by 3.89%, 0.01% and 3.51% respectively
Bitcoin, the world’s largest cryptocurrency, on Wednesday fell 2.17% to $38,136.63 levels. Ethereum also dropped by1.84% to $2,514.46. Only 3 out of the top 10 major cryptocurrencies were trading in green, which includes Cardano, USD Coin and Polkadot, that gained by 3.89%, 0.01% and 3.51% respectively. Other cryptos were trading in red in the last 24 hours.
Top 10 Cryptocurrencies on 04, August 2021
| S.No | Name | Price | %Change |
| 1 | Bitcoin | $38,136.63 | -2.17 |
| 2 | Ethereum | $2,514.46 | -1.84 |
| 3 | Tether USDT | $1.00 | -0.03 |
| 4 | Binance Coin | $323.49 | -1.50 |
| 5 | Cardano | $1.35 | 3.89 |
| 6 | XRP | $0.71 | -1.96 |
| 7 | USD Coin | $1.00 | 0.01 |
| 8 | Dogecoin | $0.19 | -2.54 |
| 9 | Polkadot | $17.63 | 3.51 |
| 10 | Uniswap | $21.54 | -2.16 |
*All prices as of 04 August 2021, at 8:05 AM, Table Source:coinmarketcap.com
Singapore gives nod for independent reserve to provide digital tokens
The Monetary Authority of Singapore has given an in-principle approval under the Payment Services Act to cryptocurrency exchange Independent Reserve, allowing it to operate as a regulated provider for Digital Payment Token services.
It is one of the first virtual asset service providers to obtain an in-principle approval letter for a major payment institution license in Singapore, according to a statement from the company.
“To be one of the first cryptocurrency exchanges to be notified by MAS of our in-principle license approval is a reflection of the robustness of the policies procedures, and risk management systems we have put in place to guide our day-to-day operations. It provides certainty for us as industry participants and security for our customers”. Adrian Prezlozny, Chief Executive Officer of Independent Officer, said in a statement to Bloomberg.
Around 170 applicants have applied to provide digital payment token services since the commencement of the Payment Services Act in January 2020, Tharman Shanmugarathnam, Singapore’s Senior Minister and Chairman of the Monetary Authority of Singapore said at the time, adding that 30 applicants have withdrawn after engagement with MAS, while two had been rejected. About 90 service providers are operating under an exemption from holding a license, he added.