Crypto Adoption Progresses As Volatile Digital Currencies Continue Unravelling

News / 01.07.2021

Jeremy Allaire, CEO of Circle, believes that there’s plenty of room for bitcoin, volatile cryptos, and more stable versions like stablecoins in this burgeoning asset class.

He said that a continued proliferation in the adoption and development of cryptos generally would be observed. He also noted there would be dramatic growth in fiat digital currency models – whether done via private companies, consortium models, or government-led initiatives.

Cryptocurrency Price Check

Cryptocurrency prices continued to fluctuate on June 30 as it slashed several major coins in value. Bitcoin fell from $36,058 to $34,701 at 4.50 am, a drop of 3.8 percent in a little over four hours. Ethereum has also seen a downturn over the same period from $2,184 to $2,096, a 4 percent decline. Bitcoin has lost almost half its value since attaining an all-time high of $63,381.20 in April.

The global cryptocurrency market cap is $1.45 trillion, a 3.04 percent increase over the last day, while the total crypto market volume in 24 hours is $93.19 billion, making a 14.18 percent increase.

The volume of all stable coins stands at $73.79 billion – 79.18 percent of the total crypto market 24-hour volume. Bitcoin’s price is currently $34,918.67, and its dominance is now at 46.28 percent, an increase of 0.2 percent over the day.

The meme coin promoted by Elon Musk, Dogecoin, fell a staggering 9.6 percent between 2.12 pm yesterday and 6.15 am this morning. Its current valuation stands at $0.247 per coin.

Latest Crypto Crackdown

Cryptos faced a minor setback this week after the Financial Conduct Authority (FCA) warned Binance from carrying out any regulated activity in Britain.

Several crypto-asset firms abandoned registration attempts with Britain’s FCA to fight back against the intensifying global scrutiny.

Since the beginning of the year, crypto-related firms have had to sign up with the FCA. However, only six have registered, and about 64 have withdrawn their applications since the announcement.

The FCA noted that Binance Markets Limited has no permission to undertake any regulated activity in the UK without the prior written consent of the FCA due to the imposition of requirements by the FCA,

However, the financial watchdog did not halt the platform’s spot trading activities. In addition, the body did not give more details about why Binance faces the ban.

Allaire believes we will live in a world where a large portion of the internet economy transacts in a new global digital currency for years. He added that financial services’ delivery would happen by autonomous software machines running on the internet. He also noted that the enforcement of a significant percentage of the commercial relationships between businesses executed in code by devices run on this infrastructure.

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Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, he covers trendy issues on digital currencies.