Cryptocurrency news: Binance Coin declines by 2.37%, Polkadot down by 1.63%

• Follow

Seven of the top cryptocurrencies were trading in red, with Binance Coin showing the highest decline of 2.37% to $416.96, while Polkadot also fell by 1.63% to $31.25. Similarly, Cardano, Tether USDT, XRP, Solana, and USD Coin were also trading in negatives at 1.88%, 0.08%, 0.39% and 0.01%. Bitcoin, the world’s biggest and oldest cryptocurrency increased by 0.35% to $47,748.05. The world’s second-largest token Ethereum decreased by 1.29% to $3, 358.20. In terms of ranking all the cryptocurrencies were trading in the same position without any change.

Cryptocurrency prices

Governments can’t destroy cryptocurrencies: Elon Musk

Tesla CEO Elon Musk thinks that it is not possible for governments to destroy cryptocurrencies, while they can slow down the progress in the crypto space. The Tesla boss who was speaking at the annual code conference on digital technologies in California, also said that due to the electricity generation issues in South China, cryptocurrencies might have been banned.

Musk who has been a strong advocate for cryptocurrencies like Bitcoin and Dogecoin had tweeted earlier this year that it would stop accepting Bitcoin as payment from customers for its electric cars due to the environmental concerns of the virtual currency. He also said that the company would resume accepting Bitcoin as payment, once the percentage of renewable energy usage is 50% or above.

Bitcoin up as Powell says no ban on cryptos

US treasurer Jerome Powell said in a congressional hearing said that he has no intention of banning cryptocurrencies which pushed prices of the world’s largest cryptocurrency Bitcoin surged by almost 10% to $47,719.36.

In September, Bitcoin had slumped 7.6% amid increasing concerns about regulatory pressures in US and China.

According to Bloomberg.com traders offered a plethora of reasons for the gain but highlighted that fractionalised market leaves digital assets vulnerable to volatile price swings.

It also added that despite a fall out in September, the oldest crypto posted a 25% gain in the third quarter as compared to a decline of 41% in the last three months.