Bitcoin, Ethereum, Shiba Inu Fall; Binance Registers In Canada

Bitcoin trades below $50,000 mark, Ethereum loses value by 2.96 per cent. Shiba Inu and Dogecoin were in the red, while Binance Coin was marginally up.

Ahead of New Year’s Eve, major cryptocurrencies took a hit. Most of them were trading in the red and the overall crypto market cap was $2.39 trillion, down 2.33 per cent. Investors were seen taking some money off the table, which is evident by the fact that trading volume over the past 24 hours increased by 17.39 per cent to $87.55 billion while prices remained subdued.

In yet another positive development for the world’s largest cryptocurrency exchange by volume, Binance has successfully incorporated

a new company ‘Binance Canada Capital Markets Inc’ and registered with Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) and also with AML which is Canada’s Anti Money Laundering and Anti-terrorism financing regulator, tweeted Changpeng Zhao, CEO of Binance, reported coindesk.

The bears have managed to bring back the price of Bitcoin, the world’s oldest cryptocurrency, below the $50,000 mark to $49,692.17, indicating a decrease in price by 2.34 per cent, at 8.39 am. Coinmarketcap data also showed that its rival Ethereum was also not immune to this broad market-based sell-off. It was trading with a loss of 2.96 per cent at $3,956.18. Ethereum’s trading volume, however, surged by 23.70 per cent at $12,648,959,617 at 8.47 am.

“The sovereign supply of Bitcoin, which is the total coins held outside of exchange reserves, reached an all-time high which usually occurs during a Bitcoin bear market, but hints at coin redistribution from the weaker to the stronger in the long term,” says Gaurav Dahake, CEO and co-founder, Bitbns.