Cryptocurrency update; Bitcoin, Ethereum slide, USD coin up marginally
Cryptocurrencies like bitcoin and ethereum was trading in at 1.75% lower at $31,560.33 and at 4.57% lower at $1889.93
Cryptocurrencies like Bitcoin and Ethereum slipped by 1.70% and 4.57% at $31,560.33 and $1889.93 respectively on Monday. Tether, the third most valued cryptocurrency, rose marginally by 0.06% to $1.00, while Binance coin slipped 1.8% to $299.81. trading at the fourth position. USD coin added 0.09% at $1.00.
Other major top 10 cryptocurrencies like Dogecoin, Polkadot, XRP and Cardano had all fallen in the last 24 hours.
Top 10 Cryptocurrencies for July 19
| S.no | Name | Price | Price% change |
| 1 | Bitcoin | $31,605.40 | 0.0169 |
| 2 | Ethereum | $1892.42 | 0.0429 |
| 3 | Tether | $1.00 | 0.0006 |
| 4 | Binance Coin | $299.81 | 0.018 |
| 5 | Cardano | $1.18 | 0.0254 |
| 6 | XRP | $0.5483 | 0.0205 |
| 7 | USD Coin | $1.00 | 0.0009 |
| 8 | Dogecoin | $0.1786 | 0.0547 |
| 9 | Polkadot | $12.31 | 0.0265 |
| 10 | Binance USD | $1.00 | 0.0008 |
*prices as on 19 July 2021, at 9:30AM, Table Source:coinmarketcap.com
Tether and USD Coin
Cryptocurrencies like Tether and USD coin which gained in the last 24 hours have been in the news recently. FITCH ratings one of the top three credit rating agencies had said that there are potential asset contagion risks linked to the liquidation of stablecoin reserves holding which could increase pressure for tighter regulations for the nascent sector.
This comes on the back of rapid growth of stablecoin which could have implications for the functioning of short term credit markets the rating agency added
Stablecoin
Stablecoin is a digital currency that is linked to an asset such as the national currency – US dollar or precious metal like gold.
Tether is the biggest stablecoin in the world and is one of the most traded cryptocurrency today. Denominated as USDT, Tether is a stable currency that can be redeemed nearly for a dollar in theory.
Crypto traders often use tether to buy cryptocurrencies as it helps them to seek safety in a more stable asset during times of sharp volatility in the crypto market.
However, as crypto isn’t regulated many banks avoid doing business with digital currency exchanges due to level of risks involved.