Home Markets Bitcoin and Ethereum See Moderate Gains in Crypto Markets as DeFi Volumes Fall

Bitcoin and Ethereum See Moderate Gains in Crypto Markets as DeFi Volumes Fall


Crypto markets saw moderate gains this morning, with Bitcoin rising 1.5% to cross the US$24,000 mark while Ethereum added 3.4%, taking its price to US$1,940.

The crypto markets as a whole currently stand at US$1.17 billion, representing a 2.25% day-over-day increase.

Even large-cap coins continued their trend, with Dogecoin enjoying double-digit gains, pushing its market cap to nearly US$12 billion; the highest it has been in three months.

Its competitor Shiba Inu, on the other hand, added a conservative 2.4%.

Blockchain networks bullish on Wednesday morning include Cardano, whose 4.2% rally took its ADA coin to nearly $19.5 billion, and Solana, which jumped around 3% to 15.5 billion. of dollars.

Layer 1 scaling solution Optimism, fan engagement token Chiliz, and Move-to-Earn (M2E) project Stepn were the morning’s biggest losers, although cumulative losses did not add up. are only between 1% and 2%.

In the decentralized finance (DeFi) space, total volumes across protocols fell 1.5% to $66.6 billion.

In the news

Crypto.com has received regulatory approval from the UK’s Financial Conduct Authority, paving the way for the leading digital asset exchange to offer products and services to UK clients.

In the United States, Republican Senator Pat Toomey has accused the Federal Deposit Insurance Corporation (FDIC) of pressuring banks to deny services to legal cryptocurrency-related businesses.

According to a CoinDesk reportFDIC officials also reportedly ordered a branch to downgrade the classification of a loan to a crypto firm, which Toomey called “highly atypical.”

Publicly Listed Bitcoin Miners Bit Farms (TSX-V: BITF) and Greenidge Generation announced their second quarter results over the past two days.

The two recorded significant losses of US$142 million and US$109 million respectively, with the latter announcing a scaling up of its expansion plans following a “sudden change in the mining economy”.

Another miner, PrimeBlock, has canceled its listing plans while pulling out of a planned merger with venture capital firm 10X capital.


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