Crypto
Cryptocurrency Price Today: Bitcoin Stable At $30,000, Stellar Becomes Top Gainer
![Cryptocurrency Price Today: Bitcoin Stable At $30,000, Stellar Becomes Top Gainer](https://feeds.abplive.com/onecms/images/uploaded-images/2023/05/15/8df82df293c96889e4e8f30e454f76171684124742812402_original.jpg?impolicy=abp_cdn&imwidth=1200&imheight=628)
Bitcoin (BTC), the oldest and most valued cryptocurrency, managed to remain stable within the $30,000 mark early Wednesday. Other popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL) — saw a mix of minor gains and dips across the board. The Stellar (XLM) token became the top gainer, with a 24-hour jump of nearly 10 percent. 1INCH, on the other hand, emerged to be the biggest loser, with a 24-hour loss of nearly 8 percent.
The global crypto market cap stood at $1.21 trillion at the time of writing, registering a 24-hour gain of 0.209 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $30,085.69, registering a 24-hour jump of 0.13 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 25.66 lakh.
Ethereum (ETH) Price Today
ETH price stood at $1,914.22 marking a 24-hour gain of 0.51 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.62 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour dip of 0.10 percent, as per CoinMarketCap data, currently priced at $0.06957. As per WazirX, Dogecoin price in India stood at Rs 5.85.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour gain of 1.63 percent. At the time of writing, it was trading at $93.63. LTC price in India stood at Rs 8,013.05.
Ripple (XRP) Price Today
XRP price stood at $0.7932, seeing a 24-hour gain of 7.36 percent. As per WazirX, Ripple price stood at Rs 67.71.
Solana (SOL) Price Today
Solana price stood at $26.42, marking a 24-hour loss of 0.37 percent. As per WazirX, SOL price in India stood at Rs 2,286.99.
Top Crypto Gainers Today (July 19)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Stellar (XLM)
Price: $0.1407
24-hour gain: 9.44 percent
Ripple (XRP)
Price: $0.80
24-hour gain: 8.26 percent
BitDAO (BIT)
Price: $0.5407
24-hour gain: 5.62 percent
XDC Network (XDC)
Price: $0.03522
24-hour gain: 3.91 percent
Hedera (HBAR)
Price: $0.05363
24-hour gain: 3.83 percent
Top Crypto Losers Today (July 19)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
1inch Network (1INCH)
Price: $0.361
24-hour loss: 7.81 percent
Ziliqa (ZIL)
Price: $0.02191
24-hour loss: 4.74 percent
Compound (COMP)
Price: $71.34
24-hour loss: 4.64 percent
Render Token (RNDR)
Price: $1.91
24-hour loss: 4.04 percent
Mina (MINA)
Price: $0.4608
24-hour loss: 3.65 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin experienced a brief decline to the $29,800 level before quickly rebounding above $30,000 within the last 24 hours. Although BTC has faced a three-day downward trend, it has achieved a remarkable 84 percent year-to-date gain. Despite efforts from bears to pull BTC down, bullish forces persistently work to keep it above the crucial $30,000 threshold. In contrast, XRP has outperformed BTC by maintaining a three-day winning streak, recording a gain of over 9 percent in the past 24 hours and an impressive 70 percent increase in the past week. Additionally, Ethereum has successfully maintained its position above the $1,900 level.”
Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, said, “BTC had its fifth consecutive red day as the price traded below $30,000 for most of the last 24-hour period. Popular altcoins like XRP (+8.3 percent), XLM (+5.68 percent), and SNX (+4.58 percent) have shown some strength at the back of their recent developments. XRP pump can be attributed to the recent SEC lawsuit verdict while XLM, being a fork of XRP, is also gaining investor attraction. SNX however seems to gain from the recent from the recent CCIP integration on LINK (-2.28 percent). In other news, Binance has integrated Lighting Network on Bitcoin withdrawals which have reduced the BTC withdrawal fees by more than 90 percent; from close to a few dollars to a few cents. This may further BTC’s adoption as transferring BTC will become cheaper.”
Rajagopal Menon, Vice President, WazirX, offered his take, “The market sentiment around Ethereum remains positive, driven by growing enthusiasm for Ethereum 2.0 and the ability to stake large volumes of the cryptocurrency. The prices of ETH have been up in the last 24 hours. The last four weeks have witnessed significant inflows into digital assets, amounting to a staggering $742 million. This surge in inflows can be attributed to various factors, including the recent Ripple verdict. The clarity provided by the legal outcome has restored confidence among investors, attracting more capital into the digital asset space.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “Bitcoin market presents a mixed outlook. The cryptocurrency is finding support near $29,750, indicating a potential bullish recovery thanks to a triple bottom pattern on the four-hour time frame. However, the Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD) and 50-day Exponential Moving Average indicate bearish sentiment, indicating a higher chance of a downtrend. A break below $29,750 could intensify selling pressure and possibly push the price towards $29,300 or even $28,750. Conversely, a bullish breakout above $30,400 could lead to higher price levels at $30,900 or $31,750. Bitcoin is not expected to fall below $20,000 unless there is a significant selloff, which requires close monitoring by traders and enthusiasts.”
Shivam Thakral, the CEO of BuyUCoin, said, “In the previous 24 hours, the overall market volume for the cryptocurrency sector has decreased by 7.64 percent due to market swings. Bitcoin is down 1 percent to $29,856 and ether is also down 1 percent to $1,896. While much of the alternative currency market is starting the day as a sea of red, XRP is maintaining its upward trend, climbing 5 percent to $0.77. The market is range-bound and stagnant, as seen by the current Bitcoin moves, while maintaining a $30,034.92 market price.”
CoinDCX Research Team told ABP Live, “Crypto markets saw a slight dip of 0.3 percent with Bitcoin and Ethereum hovering just below $30,000 and $1,900 levels, respectively. Though investors remained optimistic about the prospects of Bitcoin exchange-traded funds (ETFs), the SEC recently approved a second spot Bitcoin ETF application for review from asset manager Valkyrie, following the approval of a similar application from BlackRock the previous week. This signals that the SEC is open to the idea of spot Bitcoin ETFs, which could provide a major boost to the crypto market.”
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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Crypto
Cryptocurrency exchanges to evaluate listed coins
![Cryptocurrency exchanges to evaluate listed coins](https://img.koreatimes.co.kr/upload/thumbnailV2/704b4dce7b7d4ab699d956d31f0a8b30.png)
Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on a PC motherboard in this illustration. REUTERS-Yonhap
Implementation of Korea’s first cryptocurrency act on user protection to take effect from July 19
By Anna J. Park
With the implementation of Korea’s first law on virtual asset user protection, due to occur on July 19, cryptocurrency exchanges are set to comprehensively review the listing status of over 600 virtual assets currently being traded.
According to the Financial Supervisory Service (FSS) and the virtual asset industry on Sunday, 29 cryptocurrency exchanges registered to the financial authorities, including Upbit, Bithumb, Coinone, Korbit and Gopax, must regularly evaluate whether to continue supporting the trading of their listed coins.
The exchanges are each required to set up their own evaluation and decision-making body within their organizations, with the said bodies assessing the reliability of the issuer of their listed coins, user protection measures, technology and security and compliance with regulations.
With regards to assets like Bitcoin, of which the issuer is not specified, alternative review criteria will be introduced.
When cryptocurrency coins do not meet certain standards, they will be designated as cautionary and will face delisting.
“Financial authorities will support cryptocurrency exchanges to conduct reviews on their listed coins every six months regarding whether to continue supporting the trading of the virtual assets. After this initial review, the exchanges will be required to conduct maintenance reviews every three months,” an official from the financial authorities said.
Financial authorities are also preparing guidelines for virtual asset transactions, aiming for them to be utilized by virtual asset exchanges from next month, when the virtual asset user protection law is set to come into effect.
The figures from the Korea Financial Intelligence Unit under the Financial Services Commission (FSC) showed that the total number of cryptocurrency coins listed on the domestic virtual asset exchanges stood at around 600 as of the second half of last year, which is about a 3.5 percent fall compared to the first half of last year.
Meanwhile, the financial authorities are also preparing a change in their internal structures to devise policies on the cryptocurrency industry effectively.
The FSC plans to establish a new bureau solely dedicated to virtual assets so as to oversee the overall regulatory framework for the virtual asset industry as early as the end of this month.
The FSC’s organizational amendment, which includes these details, will complete its legislative notice by Monday and will be reviewed by the cabinet meeting on Tuesday.
The FSS is also gearing up for its supervision and investigations into unfair trade in the virtual asset sector at two new bureaus established at the end of last year.
Crypto
Crypto Deposits to Chinese Drug Producers' Addresses Double in Early 2024 Compared to 2023
![Crypto Deposits to Chinese Drug Producers' Addresses Double in Early 2024 Compared to 2023](https://cryptopotato.com/wp-content/uploads/2021/05/China.jpg)
Blockchain intelligence firm TRM Labs has revealed that cryptocurrency deposits into crypto addresses linked to Chinese drug precursor manufacturers more than doubled in the first four months of 2024 compared to the same period in 2023.
In 2023, Chinese precursor networks received over $26 million in cryptocurrency, with 97% of the over 120 manufacturers studied offering payment options in digital currencies.
Bitcoin Dominates Transactions
According to TRM Labs, the overall amount of cryptocurrency deposited into wallets linked to these manufacturers increased by more than 600% from 2022 to 2023.
Bitcoin remains the dominant cryptocurrency used for these transactions, accounting for approximately 60% of the total payment volume. Following Bitcoin, the TRON blockchain saw about 30% of transactions, while Ethereum was used for roughly 6%.
The report also highlighted that 11 manufacturers were responsible for over 70% of all crypto-denominated sales of drug precursors. These manufacturers receive funds from unhosted wallets, cryptocurrency exchanges, and payment services, with their wallets most commonly hosted at exchanges.
In addition to the preference for cryptocurrencies, Chinese manufacturers also accept fiat currencies through platforms like PayPal, MoneyGram, Western Union, and traditional bank transfers.
The report revealed that Chinese drug precursor manufacturers mainly target countries including Canada, the Netherlands, Australia, Germany, and the United States. Advertisements have also been directed towards Russia and neighboring countries, particularly for mephedrone precursors.
China’s Role in The US Fentanyl Crisis
A U.S. congressional committee recently reported that the root cause of the U.S. fentanyl crisis lies in the People’s Republic of China, which manufactures over 97% of the precursors used in the global illicit fentanyl trade.
According to the report, China subsidizes the production of illicit fentanyl precursors, which has significantly contributed to the opioid crisis in the United States.
“The CCP has had this program in place since at least 2018. At that time, they subsidized at least 17 illegal synthetic narcotics that are Schedule I controlled substances, including 14 deadly fentanyl analogues.”
The committee found that China provides value-added tax rebates to companies manufacturing fentanyl analogs and other synthetic narcotics, provided these products are sold outside China.
Another September 2023 report by blockchain intelligence firm Elliptic also uncovered a network of 100 individual suppliers facilitating the illicit fentanyl trade. Elliptic noted that these suppliers use cryptocurrencies, particularly Bitcoin, Ethereum, Tron, and Monero, to conduct transactions and facilitate the transfer of funds from buyers to suppliers.
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Crypto
Cryptocurrency startup funding surpasses $100B (Cryptocurrency:BTC-USD)
![Cryptocurrency startup funding surpasses $100B (Cryptocurrency:BTC-USD)](https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1440241076/image_1440241076.jpg?io=getty-c-w750)
bizoo_n
Cryptocurrency startups have drawn over $100B in total funding since 2014, as per data compiled by DeFiLlama, with $3.54B raised up to May this year alone amid a surge in bitcoin (BTC-USD) and other digital tokens.
DeFiLlama is an aggregator that tracks the crypto sector’s total value locked – or the total U.S. dollar value of digital assets locked, or staked, on a particular blockchain network via decentralized finance platforms.
According to the data, since 2014, crypto startups have seen a total of 5,287 funding rounds that have raised in total $101.36B. October 2021 was the best month in this time period, with over $7B raised.
Earlier this year, crypto industry news and research outlet The Block said the total, all-time dollar amount invested into crypto and blockchain-related companies exceeded $90B in February. The firm cited funding data for startups that it tracked since 2017.
The $100B milestone comes a few months after the crypto industry received a shot in the arm from the U.S. Securities and Exchange Commission’s (SEC) long-awaited approval of spot bitcoin (BTC-USD) exchange-traded products in January.
Not long after, bitcoin (BTC-USD) surged to a record high north of $73,000 in March, though it has since retreated after its last halving on April 19, 2024. Halving events reduce the rate at which new coins are created and thus lower the available amount of new supply.
For investors that want to track bitcoin (BTC-USD) focused funds, here are some names to look at: (IBIT), (GBTC), (FBTC), (ARKB), (BITB), (HODL), (BRRR), (BTCO), (EZBC), and (BTCW).
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