What’s Happening In Crypto Today? Daily Crypto News Digest
Get your daily, bite-sized digest of blockchain and crypto news – investigating the stories flying under the radar of today’s news.
In today’s crypto news:
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The crypto market, based on the top ten coins by market capitalization, is largely red today.
Over the past 24 hours, the prices of nearly all coins in this category have dropped between 1.1% (ETH) and 6.5% (CAD).
STETH dropped by 1.3%, BTC 2.1%, and XRP 5.5%. SOL and AVAX saw their prices decrease by about 6%.
Meanwhile, the only coin in the green today among the top ten is BNB. Its price is up 2.1% to $365.52, per CoinGeko.
Investor confidence in crypto exchange tokens seems to have been restored following the FTX scandal. BNB has shown significant gains since.
The two remaining coins on the list are stablecoins USDT and USDC, which are pegged to the price of the USD.
Today’s global cryptocurrency market cap is $2.04 trillion, a -2.2% change in the last 24 hours.
That said, these are typical changes in the crypto market.
Meanwhile, billionaire hedge fund manager Bill Ackman recently stated that, while he sees short-term crypto trading more as a speculative move, there might be intrinsic value in the long run.
Also, MicroStrategy executive chairman and co-founder Michael Saylor said the approval of a spot Bitcoin ETFs is a rising tide that is going to lift all boats (the market improving benefits all participants). He added that there is no reason to sell any of his bitcoin anytime soon.
With strong market momentum following the Bitcoin spot exchange-traded funds (ETFs) and the anticipation of a bull market, several indicators hint at early signs of investor capital moving out on the risk curve, according to blockchain analytics firm Glassnode.
Glassnode’s Altseason
Read more on cryptonews.com
