Cryptocurrency news: Solana inclines by 14.1%, Polkadot increases by 13.0%
Top cryptocurrency prices today: Bitcoin, the world's biggest and oldest cryptocurrency increased by 9.53% to $47,719.36
Eight of the top 10 cryptocurrencies were trading in the green, with Solana showing the highest gain of 14.11% to $159.05, while Polkadot increased by 13.02% to $32.38. Similarly, Binance Coin, XRP and Cardano were up by 8.77%, 8.11% and 5.42%, respectively. Similarly, USD Coin and Tether USDT declined by 0.06% and 0.01%. Bitcoin, the world’s biggest and oldest cryptocurrency increased by 9.53% to $47,719.36. The world’s second-largest token Ethereum increased by 9.79% to $3,297.04.
In terms of ranking, Cardano jumped from 4th to 3rd position, while Binance Coin went up from 5th to 4th position. On the other hand, Tether USDT slipped to the 5th position from the 3rd position.
Cryptocurrency prices
| S. No | Cryptocurrency | Price (in $) | Price (in Rs) | %Change |
| 1 | Bitcoin | 47,719.36 | 3,538,151.95 | 9.53 |
| 2 | Ethereum | 3,297.04 | 244,459.03 | 9.79 |
| 3 | Cardano | 2.23 | 165.34 | 5.42 |
| 4 | BinanceCoin | 417.57 | 30,960.73 | 8.77 |
| 5 | Tether USDT | 1.00 | 74.15 | -0.01 |
| 6 | XRP | 1.03 | 76.37 | 8.11 |
| 7 | Solana | 159.05 | 11,792.76 | 14.11 |
| 8 | USD Coin | 0.99 | 73.40 | -0.06 |
| 9 | Polkadot | 32.38 | 2,400.82 | 13.02 |
| 10 | Dogecoin | 0.21 | 15.57 | 8.64 |
*All prices as of 2nd October 2021, at 9:15 AM, Table Source: Coinmarketcap.com. Conversion rate for the USD to INR used was $1=Rs 74.15
Bitcoin up as Powell 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.
Investors could be punished as China slams door on Cryptos
Due to the recent ban by Chinese Authorities on cryptocurrency trading and mining late last week to close regulatory loopholes, many crypto holders are still scrambling to deal with the fallout.
In the last several years, companies in tech industry that made big bets on crypto, may be left with limited options for cashing their holdings.
The People’s Bank of China’s directive said that all virtual currency related businesses are illegal, cutting the country off from overseas crypto exchanges. This move could potentially punish investors who deal with overseas exchanges.
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