The first week of September turned out to be quite the rough turf for the crypto sector, that slipped down from its trillion-dollar valuation amid market volatility. The market, now seems to be on the path to recovery. Bitcoin on Thursday, September 8, opened trading with profits of 2.56 percent. As per Gadgets 360’s crypto price tracker, BTC is trading at $19,226 (roughly Rs. 15.30 lakh). On international exchanges as well, BTC saw gains of over 2.70 percent and retained the price point of $19,253 (roughly Rs. 15 lakh).
Ether reeled-in even fatter profits than Bitcoin. As per the price tracker, ETH saw a price hike of 7.74 percent. At present, ETH is trading at $1,627 (roughly Rs. 1.30 lakh).
Binance Coin, Ripple, Cardano, Solana, and Polkadot saw gains.
Even Dogecoin and Shiba Inu bagged profits with Tron, Avalanche, Uniswap, and Litecoin.
While majority altcoins rose in their respective prices, stablecoins failed to join the gain-wagon.
Tether, USD Coin, and Binance USD dropped down in prices.
The global crypto market cap stands at $979.22 billion (roughly Rs. 78,06,033 crore) with a 4.77 percent increase over the last day, data by CoinMarketCap revealed.
Despite the volatility, the crypto sector has not fallen short of roping-in favours from wealthy venture capital firms.
In the first half of this year alone, the crypto sector saw the successful completion of 725 deals and bagged investments of $14.2 billion (roughly Rs. 1,13,500 crore), a new report by KPMG has claimed.
The trademark applications around cryptocurrencies, Web3, metaverse, and NFTs are also on the rise.
In its latest report, the International Monetary Fund (IMF) has acknowledged that crypto adoption has gone mainstream, giving rise to the need for a global standard of regulation.
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