Ethereum Spikes Over 7%, Bitcoin, Dogecoin Remain Subdued As Crypto Market Shrugs Off Regulatory Woes – B – Benzinga


While Bitcoin (CRYPTO: BTC) and Dogecoin (CRYPTO: DOGE) remained subdued on Monday night, Ethereum (CRYPTO: ETH) spiked as the global cryptocurrency market cap rose 2.62% to $1.42 trillion.

What Happened: BTC traded 0.68% higher at $34,916.39 over 24 hours leading up to press time, while DOGE traded 0.68% lower at $0.26 in the same time frame.

DOGE traded 1.61% lower against BTC and 7.56% lower against ETH over 24 hours.

See Also: How To Buy Dogecoin (DOGE)

ETH spiked 7% to $2,124.73 at press time over 24 hours. The Vitalik Buterin co-created currency has risen 11.5% over a seven-day trailing period. 

Internet Computer (CRYPTO: ICP) continued its upward march spiking 16.53% over 24 hours to end at $49.76 at press time. The cryptocurrency has soared 38.49% over seven days.

Top gainers on Monday night were Kusama (CRYPTO: KSM), Compound (CRYPTO: COMP), and Bitcoin SV (CRYPTO: BSV).

KSM and COMP were up 27.85% and 24.86% at $230.33 and $319.64 respectively, while BSV was up 20.37% at $158.35 over 24 hours.

Weekly gains in KSM, COMP, and BSV stood at 8.24%, 42.45%, and 36.30% respectively.

Why It Matters: The cryptocurrency market has managed to retain its green tint despite recent regulatory crackdowns in China, the United Kingdom, and elsewhere.

See Also: Ethereum Co-Founder On Bitcoin Says, ‘You Have To Upgrade The Damn Thing’

Mexico’s finance minister, Arturo Herrera, clarified Monday that there is a ban on the use of cryptocurrencies in the country’s financial system, Coindesk reported.

The clarification by Herrera came after the billionaire and Bitcoin bull Ricardo Salinas Pliego said he was making efforts to make Banco Azteca the first bank to accept the cryptocurrency.

On Monday, Cathie Wood’s ARK Invest became the latest to jump aboard the Bitcoin exchange-traded fund bandwagon by applying for permission with the U.S. Securities and Exchange Commission.

Permissions for such ETFs have been long denied by the SEC which has cited volatility and potential risks for investors.

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About the Author: Kate