Crypto News Today: Reason Behind The Recent Growth Of Bitcoin

A majority of digital currencies were trading higher on 08.10.2021, but the investors reserved profits in the still leading digital token Bitcoin. Let us quickly have a look at some of the crypto news today. 

Excluding Bitcoin and the stablecoins, 7 among the top 10 digital currencies were at the higher side at 9.30 hours IST. Let us look at the cryptocurrency news, Cardano. The value of Bitcoin decreased by 2% whereas cryptos like Cardano and Polkadot increased up to 7%.

The global crypto market capitalization eased slightly to $2.28 trillion when compared to the previous day. However, the value of the total digital currency market increased 16% to $124.75 billion. According to Sharan Nair, Chief Business Officer at CoinSwitch Kuber,

“We saw a rise in Bitcoin and Ethereum prices, among others, which has further strengthened the investor confidence.”

Investment management firms such as Soros Fund Management have extended support to the crypto market which has ignited the rally. More financial institutions and businesses may inherit digital currencies in the upcoming weeks.

Bitcoin News Today

In the cryptocurrency news live, it is important to mention about BTC’s price rise. Bitcoin’s bull run has sent the digital currency to the $55,000 level with an increasing percentage of 17% in the last seven days. The increase was further accelerated with Soros Fund Management that was navigated by the famous investor George Soros confirming that fact he was trading this digital currency. The Chief Executive of the Fund company mentioned that,

“The coins themselves are less interesting than the use cases of Defi and things like that”.

Crypto News Today: Rise Of Meme Coins

In the crypto news today, it is essential to mention about the sudden hike in meme coins. Other than normal cryptos, the meme tokens have also seen a high in their value ever since the CEO of Tesla and SpaceX, Elon Musk tweeted a picture of the newest member in his family, Floki, a pet which is the Shiba Inu puppy sitting relaxed on a Tesla. In September he shared a post where he was seen welcoming a new member of his family.

Not only this crypto, other meme coins like Shiba Cash, and Husky soared 75% and 140% respectively. Other tokens that include Akita Inu, Doggy,  Baby Doug, Pitbull, and Kishu Inu increased from 15% – 35%.

The happiness in the digital currency market looks like it has settled down at this moment. Over the last 24 hours, the market was seen consolidating. The volume of trade decreased and the traders found an ideal time to book their profits.

In the meantime, Lisa Monac, the US Deputy Attorney General revealed two new enforcement initiatives made by the justice department that aimed at targeting the government contractors and digital currencies who fail to report the breaches that take place in the cyberspace.

The Reason For Stellar Making Headlines

Stellar has been in the headlines for a long time now. It is an open network that enables money to be stored and moved. It has been in news after a leading global money transfer service, Moneygram asserted that it would deploy the blockchain of Stellar to allow its users to convert fiat to USD coins.

The native token of the network, Lumen acts as the glue which makes asset trading across the borders more cheaper, and it also challenges the prevailing providers of payment that charges high fees for the same service. XLM (Stellar) is ranked at 23 with a live market capitalization of $8,098,862,152.

The Bottom Line

Here is a crypto news today that describes all the happenings in the crypto space. The digital currency space has recently witnessed a rise where the value of Bitcoin has soared to $55,512.00 at the time of writing this (08.10.2021, 03.26 GMT). Other than that 7 other altcoins have seen a significant rise in the past 24 hours. Meme coins have already increased in value for several reasons that have been mentioned above. There is no crypto crash today as of now.

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