Cryptocurrency update: Bitcoin up 7.5%, Ethereum adds 5%
Cryptocurrency Prices Today: Major Cryptocurrencies were trading in the green, while only Tether USDT and USD Coin declined.
Bitcoin, the world’s largest cryptocurrency, on Saturday advanced 7.55% to $43,328.25. Ethereum also rose by 5.07% and was trading at $2,926.05. Most of the major cryptocurrencies were trading in green, with only Tether USDT and USD Coin trading in red. Both coins fell by 0.01%, and were trading at $1.00 and $0.99, respectively.
Top 10 Cryptocurrency prices as on August 7, 2021
| S.No | Name | Price in USD ($) | Price in INR (Rs) | %Change |
| 1 | Bitcoin | 43,328.25 | 32,27,846.30 | 7.55 |
| 2 | Ethereum | 2,926.05 | 2,17,983.41 | 5.07 |
| 3 | Tether USDT | 1.00 | 74.5 | -0.01 |
| 4 | Binance Coin | 348.94 | 25,995.16 | 4.03 |
| 5 | Cardano | 1.44 | 107.28 | 4.89 |
| 6 | XRP | 0.75 | 55.87 | 3.94 |
| 7 | DogeCoin | 0.21 | 15.64 | 6.07 |
| 8 | USD Coin | 0.99 | 73.75 | -0.01 |
| 9 | Polkadot | 20.55 | 1,530.92 | 9.82 |
| 10 | Uniswap | 26.54 | 1,977.16 | 5.03 |
*All prices as of August 7, 2021, at 8:00 AM, Table Source:coinmarketcap.com. Conversion rate for the USD to INR = Rs 74.50
Binance halts new future accounts for Hong Kong
Cryptocurrency exchange Binance Holding Ltd, will no longer allow users from Hong Kong to open new futures accounts. The exchange said in a twitter post that the move is effective immediately.
On its website through a post, it said that the crypto exchange would be restricting users from Hong Kong in respect of derivative products which includes all futures, options, margin products and leveraged tokens in line with the company’s commitment to compliance.
With immediate effect, users from Hong Kong cannot open new futures accounts on Binance.
As a market leader, #Binance is the first major crypto exchange to proactively take this action.
— Binance (@binance) August 6, 2021
In recent times, Hong Kong has tightened its oversight on cryptocurrency trading and requires all platforms to register with a watchdog, and be subject to anti-money laundering and counter-terrorism financing rules. They can only serve professional investors, not retail traders, according to a government announcement in late May.
The crypto exchange came under scrutiny from regulators in countries including the US, UK, Thailand and Malaysia had said in a press conference last month that it’s changing its mindset from that of a tech startup and would start acting as a financial institution, with all related licensing and compliance procedures in place.