Crypto currency market on July 31
Cryptocurrencies and news about their prices or possible regulations are essential to understand the crypto currency market. People who are interested in crypto investing allocate a considerable amount of time to learn more about this ever-changing business.
Price of Bitcoin, Etherium, and other digital currencies continuously change, and it takes some time to accustom to this fact. It is worth mentioning that the crypto currency market is a relatively new concept, and people find it hard to understand its principles. In this article, we will cover the price of major digital currencies. Also, news regarding the regulations of cryptocurrencies.
Cryptocurrencies on Wednesday
The price of the digital currency goes up and down all the time. There are over 1,000 digital currencies in the world. It means that it is tough to pay attention to all of them. However, there are several vital cryptocurrencies, such as Bitcoin, Etherium, Litecoin, etc. At the moment, Bitcoin is one of the well-known cryptocurrencies in the world.
According to the information by 03:59 GMT the price of Bitcoin was $9,660. Also, BTC/USD increased by 2% on a day-to-day basis. It is worth mentioning that by that time, the total capitalization of all digital currencies reached $268 billion. The total trading volume of Bitcoin decreased to $46 billion. It means that 64.5% of the market share belongs to Bitcoin.
However, the price Bitcoin changed in several hours to $9,700 per Bitcoin. During the last 24 hours, this cryptocurrency increased by nearly 3%. It is good news for Bitcoin because it means that digital currency recovered from recent lows and reached $9,700.
Another important cryptocurrency is Ethereum, which is the second-largest digital asset. The market capitalization of Ethereum is $22.7 billion. Several hours ago, more precisely at 03:59 GMT, the price of this digital currency was $210. On a day-to-day basis, its price increased by 2%.
At the moment, the price is $212, which means that the price of this digital currency continues to grow on Wednesday.
Litecoin is also one of the most important cryptocurrencies. At the moment, it is on the fifth place in the global cryptocurrency market rating. The market capitalization of this digital currency is $5.7 billion, whereas an average trading volume is more than $2 billion. Several hours ago the price of Litecoin was $91 since then price increased to 92.70 per Litecoin.
Legal issues and digital currencies
Governments around the world are trying to regulate the crypto currency market. However, there is no single approach regarding cryptocurrencies. For example, in India, there is no official ban on cryptocurrencies, but the Reserve Bank of India (RBI) has its regulations. RBI in the past barred local financial organizations from providing services to crypto businesses.
Several days ago an Indian Government panel recommended banning the cryptocurrencies completely. Nasscom is a primary Indian Trade association with more than 2,700 member companies. This organization made it clear that they are against banning the cryptocurrencies. Nasscom stated that it is better to regulate the cryptocurrency than to ban the digital currencies.
Cryptocurrencies are becoming more popular around the world. It attracts current and potential investors as it offers an alternative to traditional payment methods. Cryptocurrencies have a huge potential, and with proper regulations can contribute to the global economy.
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. Subscribe now and receive FREE updates on the market today!