A downward trend was seen in crypto markets over the last 24 hours, as 8 out of the top 10 currencies registered losses. However, volatility was relatively low, as only one currency, Ripple, showed volatility of more than 5%. At the same time, trading volumes were down significantly, as both Litecoin and Ethereum dropped below the $500 million mark.
Bitcoin still holding above $2,500
Despite the negative trend seen in crypto markets, Bitcoin still held above the psychologically important milestone of $2,500 today. Bitcoin has seen an increase in mining in recent months, as the practice, believed to be unprofitable, regained popularity following recent price surges.
Ethereum’s slow and steady decline continues
The world’s second-largest cryptocurrency’s price continued to drop this morning, after showing losses most of last week. Ethereum was trading below $240 this morning. However, it is important to note that the cryptocurrency is still priced higher today than any other time before last June, which saw Ethereum’s price skyrocket to over $400, then crash to $210. Despite the negative trend, the Ethereum chart has shown a lot less volatility in the first 10 days of July.
22 banks join Swift’s blockchain pilot
Giving another boost to the cryptocurrency market’s mainstream acceptance, 22 banks, including well-known financial institutions, have agreed to take part in Swift’s blockchain test. Swift is a global leader in the field of international bank messaging and money transfers. The pilot will examine the potential use of blockchain technology for Swift’s operations and has enlisted top tier banks such as JPMorgan Chase and Deutsche Bank. This recent announcement by Swift gives added legitimacy to the claim that blockchain technology will play a major role in the future of banking.
This article was first posted on Etoro.com/blog, a Premium Trading Partner.
Last modified: March 4, 2021 4:58 PM