06 Sep , 2022 By : Kanchan Joshi
Bitcoin price today slipped marginally and it was trading below the $20,000 level. The world's largest and most popular cryptocurrency was trading slightly lower at $19,731. The global crypto market cap today was above the $1 trillion mark, as it was a per cent higher in the last 24 hours at $1.03 trillion, as per CoinGecko.
"This week started on a bearish note. Bitcoin has been trading sideways between $19,500 and $20,500 for the past few days. BTC might likely test the support around this level's lower zone as BTC struggles to hold its current levels. The current dip could be because of high selling orders over the past week. If buyers can make a move above the $20,000 level, we might see BTC bouncing back soon. On the other hand, the Ethereum Merge is now less than two weeks away, and the price of the coin continues to hold at $1,600. As the activities ramp up, the interest might likely create more demand in the coming days," said Edul Patel, CEO and Co-founder of Mudrex.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, gained nearly 4% to $1,630. Ethereum is transitioning to proof-of-stake for its consensus protocol. Called the ‘merge’, the software upgrade has been in the works for years, and it will change the way ethereum orders transactions to become more energy efficient.
Meanwhile, dogecoin price today was trading flat at $0.06 whereas Shiba Inu fell plunged about a per cent to $0.000013. Other crypto prices' today performance were mixed as Chainlink, Apecoin, XRP, Uniswap, Binance USD, Polkadot, Tether, Litecoin, Avalance, Solana prices were trading with slight gains over the last 24 hours whereas Cardano, Stellar, Tron, Polygon slipped. Ethereum Classic surged over 22% as ether gets into the merge with Bellatrix upgrade today.
Binance, the largest crypto exchange by volume, will start converting any existing user balances and new deposits of USD Coin (USDC), Pax Dollar (USDP) and True USD (TUSD) into the company’s own stablecoin, according to a statement published on Monday.
USDC, issued by Circle Internet Financial, is the second-ranked stablecoin after Tether, with a market value of nearly $52 billion, according to data from CoinGecko. Binance’s stablecoin, BUSD, is a distant third at around $19.3 billion.