Cryptocurrency update: Bitcoin falls 3.5%, Ethereum slides 5.5%

Bitcoin, the world’s largest cryptocurrency, on Tuesday fell 3.50% and was trading at $36,878.69. Ethereum also dropped by 5.48% and is currently at $2,180.96. Most of the major cryptocurrencies traded in red in the last 24 hours, with only Tether, Binance USD and USD coin showing a significant increase. Other cryptocurrencies like Dogecoin, XRP, Binance Coin and Polkadot were also trading in the red.

Top 10 Cryptocurrencies on July 27, 2021

*All prices as of 27 July 2021, at 9:00 AM, Table Source:coinmarketcap.com

Binance may offer IPO in US

Cryptocurrency exchange Binance is mulling an initial public offering in the US as CEO Changpeng Zhao said at an event that there is a possibility for a future IPO. However, he also added that IPO plans are not immediate as the company has to go through structural changes and has to comply with regulations including headquarters, an office or legal entity, the block reported citing Zhao.

Binance one of the largest cryptocurrencies has faced string of regulatory issues in a lot of countries including Thailand, Japan, Germany, Italy, UK and the US. Italian watchdog Consob said that Binance group companies were not authorised to provide investment services and activities in Italy, even via the main website which had offered information in Italian on derivatives and tokenised versions of stocks.

RBI on CBDCs

The Reserve Bank of India (RBI) recently said that it has been working towards a phased implementation strategy to launch Central Bank Digital Currency (CBDC).

While the move has been welcomed from the industry stakeholders, certain statements from RBI have stoked concerns regarding the future of virtual currencies such as Bitcoin, Ether and Dogecoin.

CBDCs are digital currencies issued by a central bank and take on the digital form of the nation’s existing currency such as the rupee.

Speaking at a Webinar, T Rabi Sankar, deputy governor of RBI said that CBDCs are beneficial not only in the payments systems they create but also protect the public from the volatile private virtual currencies.