First Mover Americas: BTC Dips Below $24K as Ether Holds Strength
Categories: Crypto News USA
First MoverAmericas: BTC Dips Below $24K as Ether Holds Strength
Afterattempting to maintain the $25,000 mark yesterday, bitcoin (BTC) dropped tolows of $23,788 overnight. Perhaps this is an indication that the worldslargest cryptocurrency by market value two-month rally has come to an end.Meme-token dogecoin was up 15% over the last 24 hours. One analyst said thatthe token is rallying ahead of its launch of “Dogechain,” whichrequires wrapped doge for trading.
Unlike BTC,ether (ETH) was up slightly on the day, trading at around $1,900. According toa report from research firm FSInsight, ether has a good chance of exceedingbitcoin in market cap over the next 12 months because the Ethereum blockchain’sswitch to a proof-of-stake (PoS) mechanism will reduce both the production ofthe tokens and selling pressure from miners.
Cryptocurrencyexchange Huobi Global announced it will stop offering derivatives tradingservices to users in New Zealand starting next week, just a couple of monthsafter expanding operations to the country. The Seychelles-based cryptocurrencyexchange cited "local compliance policies" as the reason forwithdrawing margin trading services, options and ETPs as of next week. CelsiusNetwork, the crypto lender that filed for bankruptcy in July, appears to be ineven worse financial straits than previously signaled.
A new courtfiling Monday from Kirkland & Ellis, a law firm the crypto lender hired tolead its restructuring efforts, included financial projections that Celsiuswill run out of cash by October. In Latin America, Brazil’s largest brokerage,XP, launched bitcoin and ether trading. The company, which has 3.6 millioncustomers, hopes to reach 200,000 active crypto users by the end of 2022.