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Major cryptocurrencies were trading in negative territory in the closing hours of Sunday, when the global market capitalization of cryptocurrencies had fallen 0.63% to $ 2.05 trillion.
What has happened
The apex cryptocurrency Bitcoin (CRYPTO: BTC) was trading 0.72% lower at $ 45,003.36 after a 24-hour tracking period. During the week, BTC is up 12.97%.
Ethereum (CRYPTO: ETH) fell 0.61% to $ 3,302.52 over the course of 24 hours and has plunged 15.85% for the week.
Cardano (CRYPTO: ADA), a blockchain proof-of-stake (PoS) platform that implemented smart contracts on Sunday, was trading 5.99% lower at $ 2.43 after a 24-hour tracking period. During the week, Cardano is down 15.83%.
Dogecoin (CRYPTO: DOGE) fell 0.36% to $ 0.24 in 24 hours. After a seven-day follow-up period, DOGE has lost 22.63%.
The coin that benefited the most from Sunday night turned out to be Cosmos (CRYPTO: ATOM), which soared 22.91% to $ 33.19 over the course of 24 hours. During the week, the coin is up 26.34%.
Against BTC and ETH, ATOM was up 23.54 and 22.27%, respectively.
Other currencies that were especially benefited during those 24 hours were Tezoz (XTZ), Polkadot (CRYPTO: DOT) and Harmony (CRYPTO: ONE).
XTZ soared 16.75% to $ 7.06, DOT was up 15.45% to $ 36.27 and ONE gained 13.97% to settle at $ 0.204 during that period.
Because it is important
South Korea has set September 24 as the deadline for exchanges foreigners and locals register as platforms of trading legal, but local platforms are having a hard time complying with the requirements, the Financial Times reported.
Also read: Should Bitcoin be legal tender in the US?
Reportedly, the regulatory requirement could potentially liquidate $ 2.6 billion and nearly 40 of South Korea’s 60 cryptocurrency traders are expected to close.
On the other hand, the cryptocurrency analyst Willy woo He claimed on Sunday that so-called “little fish” continue to show interest in BTC after the whales did something similar.
Supply Distribution of Bitcoin update.
The whales have recently joined. Minnows continue to stack. 10-1000 BTC holders mainly flat.
Reserves held publicly reducing (mainly exchanges and ETFs reducing while corporates adding). pic.twitter.com/IdJ4XcIHbV
– Willy Woo (@woonomic) September 12, 2021
Cryptoquant made reference to the fall registered in the reserves of exchange of BTC up to a minimum of three years. An increase in this metric implies an increase in the supply of BTC for sale, the purchase of altcoins and the trading with margins.
$ BTC all exchanges reserve hit a three-year low.
Live Chart https://t.co/HLk0pdthaS pic.twitter.com/gaDN0SY52i
– CryptoQuant.com (@cryptoquant_com) September 12, 2021
The trader of cryptocurrencies Michaël van de Poppe made a reference to ATOM, when publishing a Tweet it just said “$ ATOM” on Sunday.
In addition, the trader made another brief comment on the cryptocurrency markets at point that “it’s a bull market.”