Will the Cryptocurrency Market Get Back on Track?

Present Scenario of Cryptocurrency and Blockchain in the Region of Africa
  • The 24 hours global cryptocurrency market volume has decreased by 99.93%.
  • Recently, Google announced it will accept crypto as payment for its cloud services.

Still, the global cryptocurrency market is facing volatility. The most prominent cryptocurrency Bitcoin (BTC), decreased by more than 72% from its all-time high. Following that, the popular altcoin Ethereum (ETH) was also down by over 73% from its all-time high. Currently, the global crypto market volume is $918 billion. 

It’s been two quarters, and still, the cryptocurrency market is on a downtrend with some ups and down. Over the past 24 hours, the total volume traded on the cryptocurrency market has decreased by 99.93% to $477134.09.

At the time of writing, Bitcoin traded at $19,245 with a trading volume of $18,851,617,414. BTC’s price increased to only 0.50% in the last 24 hours with a market cap of $369 billion. And Ethereum traded at $$1,306, which increased by around 1.62% in the last 24 hours. ETH holds a market cap of around $159 with a 24 hours trading volume of $7,869,773,615, as per CoinMarketCap.

Recent Happenings in Crypto Industry 

The cryptocurrency community is hardly trying many ways to bring the market to normal. As it, BlackRock, the biggest asset manager in the world, introduced a spot Bitcoin private trust in August to expose its clients to the current Bitcoin price. 

On October 11, Google announced that it will begin accepting cryptocurrency as payment for its cloud services early next year by partnering with Coinbase. Coinbase will transfer its data-related applications from Amazon Web Services to Google as part of the agreement.

On the same day, the Bank of New York Mellon (BNY) also introduced its custody service for Bitcoin and Ethereum. The bank will keep the private keys of its customers and provide accounting for their cryptocurrency holdings. This comes after BNY Mellon was appointed in March as the custodian of the cash reserves backing Circle’s USDC stablecoin.

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A journalism graduate who is passionate about writing loves to dance and travel currently starts exploring blockchain technology.