Ether jumps above $3,500 for the first time since May

Web DeskWeb Editor

02nd Sep, 2021. 12:42 pm
cryptocurrencies

RIYADH: Ether, the second most-traded crypto-currency, traded above $3,500 on Wednesday for the first time since May 18.

The crypto-currency traded at $3,554.38, up 5.32 per cent, according to the data from CoinDesk.

After days of decline, Bitcoin inched upward, rising 0.13 per cent to $47,361.46 at 6:35pm Riyadh time.

Ethereum’s market dominance also reportedly increased to 18.9 per cent, while the world’s leading crypto-currency, Bitcoin, witnessed a decline of 40 per cent.

Data also showed that Ether surged to a three-and-a-half-month high after Ethereum set a new daily coin burning record.

According to a report by MacRumours, Twitter could soon enable users to tip creators using bitcoin after the recent update to the ‘Tip Jar’ feature.

The report said it will offer users a tutorial on Bitcoin, including details about the Lightning Network and custodial vs noncustodial wallets. It also clarified to users that a strike account is required to use this feature.

Twitter also recently announced job opportunities in its payments division with experience in crypto.

Regulation

Nigel Green, CEO and founder of DeVere Group, asserts that the head of the US financial regulator is right about crypto-currency trading platforms, and they should be regulated.

In an interview with the Financial Times he said: “While he was technology neutral, crypto assets were no different than any others when it came to public policy requirements, including investor protection, guarding against illicit activity and maintaining financial stability.”

While Chinese state-owned financial institutions revealed that they aimed at allowing holders of the digital ‘yuan’ to obtain investment funds and insurance products using the new currency. Two Chinese banks are expanding their pilot programmes for the national digital currency.

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