Bitcoin, the largest cryptocurrency by market capitalisation, slipped 2.99 per cent to $23,425 in the last 24 hours, taking its seven-day losses to 4.66 per cent.
Ethereum declined 3.83 per cent to $1846.50. This crypto has fallen 2.4 per cent in the last seven sessions. BNB tanked 4.45 per cent to $306.97.
Cardano plunged 6.68 per cent while XRP declined 3.22 per cent. Solana, Dogecoin, Polkadot and Shiba Inu plunged 7-8 per cent.
The global cryptocurrency market cap was trading at the $1.12 trillion mark, falling as much as 3.28 per cent in the last 24 hours. The total trading volume was up 11 per cent at $70.81 billion.
Cryptocurrencies in news
A Bloomberg report suggested that South Korea is planning to block domestic access to foreign cryptocurrency exchanges that lack the proper registration to operate in the country and could launch a probe into the companies. An intelligence unit of the Financial Services Commission has reported 16 foreign crypto businesses to the nation’s investigative body and asked other agencies to block access to the firms’ local websites, the report suggested quoting a statement.
The European Central Bank (ECB) said it would harmonise how banks offer crypto assets to ensure they have enough capital and expertise in a sector some European Union lawmakers have described as the Wild West. Several crypto companies like Binance and Crypto.com have been authorised in EU countries such as Italy, France, Spain, Greece or Germany after complying with national safeguards to combat money laundering and terrorist financing.
The co-founder of the failed Terra cryptocurrency, which collapsed and wiped out about $40 billion of investors’ money in May, has admitted he was “wrong”, but said that he was not talking to South Korean investigators. The dramatic disintegration of stablecoin TerraUSD and its sister token Luna — which both dropped to nearly zero in value — hit the wider crypto market, sparking over $500 billion in losses.
Crypto lending exchange Crypto.com has laid off more employees in the second round and this time, the firing of employees is worse than the previous job cut, as the global crypto meltdown gets deeper. According to a Decrypt report, citing sources, the latest round of job cuts has not been announced publicly. According to the report, the Singapore-based company this time fired people “from critical products like exchange, app and wallet.”
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