Bitcoin dropped 2.27% below $122,000 while Ethereum fell 5.20%, dragging the broader crypto market into a downturn.
ICE’s $2 billion investment in Polymarket shows growing traditional finance interest in blockchain-based prediction markets.
Dubai’s VARA cracks down on unlicensed firms, while the EU considers sanctions on a Russian ruble-backed stablecoin.
Crypto prices today showed mixed sentiments as major coins dipped. Bitcoin price fell 2.27% to $121,748, while Ethereum slipped 5.20% below $4,500, pulling the broader market lower. Despite the dip, institutional interest grew like ICE’s $2 billion Polymarket investment. Hence, signaling rising confidence in the long-term potential of the cryptocurrency. Let’s see how different cryptocurrencies behaved today in detail based on CoinMarketCap data.
Bitcoin price currently stands at $121,748.35, a 2.27% decline over the past 24 hours. It has a market capitalization of $2.42 trillion and a circulating supply of 19.93 million BTC. Despite the pullback, it has a trading volume with $81.18 billion exchanged in the last day. Digital gold's performance is a key indicator for overall market sentiment, and today's decline has rippled through the entire crypto market.
Ethereum price has taken a sharper hit, dropping 5.20% to trade at $4,461.28. The second-largest cryptocurrency by market cap holds a valuation of $538.49 billion with 120.7 million ETH in circulation. Trading volume for Ethereum is $56.32 billion, indicating strong market participation despite the downward price movement. Ethereum’s role is the backbone of decentralized finance and NFT ecosystems.
BNB is the only gainer in the top tier, climbing 4.68% to $1,286.55, with a market cap of $179.06 billion. Solana price has seen one of the sharpest drops among leading tokens, dropping 6.20% to $220.18. It has a market capitalization of $120.24 billion and trading volume of $9.72 billion. XRP price fell 4.34% to $2.86, with a $171.31 billion market cap. The circulating supply of the token at 59.87 billion XRP still sustains trading volumes of $7.44 billion.
Dogecoin lost 7.48% to $0.2468, with its market cap at $37.33 billion representing the meme coin's susceptibility during periods of broader market declines. TRON (TRX) fell 2.48% to $0.3373, which had a valuation of $31.93 billion. Cardano (ADA) completed the top ten by losing 6.06% to $0.8175, with a market cap of $29.29 billion.
Tether (USDT) and USD Coin (USDC) remain stable at $1 and $0.9998 respectively, providing investor havens in times of market volatility. USDT takes the lead with a market capitalization of $178 billion and 24-hour trade value of $200.52 billion. USDC sits on $75.62 billion worth of market capitalization.
Also Read: Crypto Prices Today: Bitcoin Eyes $125,000, Ethereum Eyes $4,720, Altcoins Rebound
Here are the top headlines that impact crypto prices today:
Digital asset infrastructure provider BitGo has received approval from Dubai's Virtual Assets Regulatory Authority (VARA), obtaining a broker-dealer license for operations in the Middle East and North Africa. The move enables BitGo to offer regulated digital asset trading and intermediation services to institutional clients throughout the region.
The approval for licensing takes place amidst a tightened regulatory climate, as VARA at the same time announced against 19 companies the enforcement actions due to operating unlawfully and in contravention of marketing regulations. The entities targeted include the TON DLT Foundation and Hokk Finance, indicating Dubai's resolve to keep its digital asset sector under tight control.
Ben Choy, BitGo MENA general manager, stressed that the approval allows the firm to serve institutional clients with greater integrity and confidence. This comes after BitGo's recent expansion in Europe, when its subsidiary obtained approval from Germany's Federal Financial Supervisory Authority to provide crypto services to domestic investors.
Intercontinental Exchange (ICE), the parent entity to the New York Stock Exchange has invested $2 billion in blockchain-based prediction market Polymarket. The valuation of Polymarket at $9 billion post-money valuation reflects a confidence vote from one of the largest financial institutions in the world.
ICE's NYSE runs the largest stock exchange in terms of market capitalization, more than $25 trillion through July 2024. It represents another significant integration of traditional financial infrastructure into the cryptocurrency space.
Polymarket is a decentralized prediction market platform where users exchange shares representing the outcome of various events in the real world, including elections, sports, and cryptocurrency prices. Market prices indicate crowd-sourced probability estimates, with trades usually resolved in stablecoins.
The European Union is reportedly preparing sanctions against A7A5, a Russian ruble-backed stablecoin that holds the distinction of being the world's largest non-US-dollar pegged stablecoin. According to documents reviewed by Bloomberg, the proposed measures would prohibit EU-based organizations and individuals from engaging with the token, either directly or through intermediaries.
The sanctions package also targets several banks in Russia, Belarus, and Central Asia, accused of facilitating crypto-related transactions for sanctioned entities. This follows the EU's September 19 imposition of sanctions against crypto platforms, which blocked transactions for Russian residents and restricted dealings with foreign banks connected to Russia's digital asset sector.
A7A5's market capitalization experienced a dramatic surge on September 26, jumping from approximately $140 million to over $491 million in a single day. This is a 250% increase, just one week after the initial EU sanctions were implemented.
Also Read: Crypto News Today: BNB Overtakes XRP, Bitcoin ETFs See $1.18B Inflows, Gold Parallels Rally; Japanese Firm Buys $3.3M BTC
Despite today's downturn, institutional adoption continues advancing with key players like ICE entering the space. Regulatory clarity from jurisdictions like Dubai may provide long-term stability, though geopolitical tensions and enforcement actions create near-term uncertainty. Investors should monitor Bitcoin's ability to hold support levels as a key indicator for broader market direction.
FAQs
1. Why did the crypto market drop today?
The reason for the market decline is investor wariness due to global regulatory pressures, profit-taking following recent advances, and macroeconomic uncertainty. Bitcoin and Ethereum's price drops fueled bearish sentiment among digital assets.
2. How was Bitcoin in the last 24 hours?
Bitcoin dropped 2.27%, now trading at about $121,748. Despite the drop, its market cap still exceeds $2.4 trillion with heavy trading volume, showing active engagement even in a downturn.
3. What's causing Ethereum's price to fall?
Ethereum's 5.20% fall to $4,461 arrives as traders take profits and respond to overall market weakness. Even after the fall, Ethereum's network remains crucial to DeFi and NFT ecosystems.
4. What significant crypto news occurred today?
Top picks are ICE's $2 billion investment in Polymarket, BitGo's VARA license in Dubai, and the EU exploring sanctions on a Russian ruble-pegged stablecoin.
5. What are the predictions for the crypto market for this week?
Although short-term volatility continues, institutional investment and more transparent regulations can calm markets. Investors are monitoring Bitcoin's support levels around $120,000 as a key sentiment marker.
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