[ad_1]
The cryptocurrency market is facing broad-based weakness on Friday, but the overall volatility remains low. Despite the weakness, Bitcoin is on track to register the best weekly gains in about a month. Ether’s value is also up despite the weakness. Check the latest prices and trends.
Bitcoin’s value is likely to cross $38,000 on Friday. (Photo: Reuters)
The cryptocurrency market witnessed marginal on Friday after a series of negative developments, but the volatility has considerably reduced compared with the situation a few weeks ago.
The value of many cryptocurrencies including Bitcoin slipped. The world’s most popular cryptocurrency had slipped more than 3 per cent early on Friday after a series of cryptic tweets by Tesla CEO Elon Musk, who hinted at a breakup with the cryptocurrency.
However, even Musk’s tweet could not dent the value of Bitcoin as it is on track for its best weekly gain in about a month. At 9:30 am, Bitcoin was trading 0.73 per cent higher at over $37,900.
Smaller rival Ethereum (Ether) is also on track to register healthy gains and was up 0.88 per cent at the time of writing this article.
However, many other ‘altcoin’ like Dogecoin, Cardano, Ripple, Stellar, Chainlink, Litecoin and Polkadot have fallen due to some reports that have surfaced.
Here are the latest prices and trends of popular cryptocurrencies:
|
Cryptocurrency |
Price (US Dollar) |
24-hour change |
Market cap (Billion) |
Volume (24 Hours) |
|
Bitcoin |
37,733.20 |
-0.45% |
$706.59 |
$35.25 billion |
|
Ethereum (Ether) |
2,733.48 |
-0.16% |
$317.48 |
$38.40 billion |
|
Dogecoin |
0.386361 |
-9.62% |
$50.23 |
$9.25 billion |
|
Litecoin |
182.25 |
-3.35% |
$12.36 |
$4.34 billion |
|
XRP (Ripple) |
0.993276 |
-3.14% |
$99.33 |
$4.36 billion |
|
Cardano |
1.74 |
-1.52% |
$55.78 |
$13.36 million |
One such development is that a significantly high number of cryptocurrency-related firms are not meeting the required standard under anti-money laundering rules. The statement came from Britain’s financial watchdog, the Financial Conduct Authority (FCA).
Meanwhile, financial regulators in China’s southern Hainan province have cautioned investors against illegal fundraising schemes involving cryptocurrency and blockchain, according to a local media report cited by news agency Reuters. This is part of China’s broader crackdown on cryptocurrencies.
Another development that could have led to the weakness in the overall crypto market is a comment from Amundi chief investment officer Pascal Blanque who has called cryptocurrencies such as Bitcoin a “farce” and a symptom of bubbles forming in the financial markets. It may be noted that Amundi is a major French asset management company.
“Bitcoin will be remembered for pushing central banks to adopt digital money,” Blanque said and added that governments and regulators will ultimately “stop the music”.
Click here for IndiaToday.in’s complete coverage of the coronavirus pandemic.
[ad_2]
