Crypto Today: Bitcoin trades volatile, but within range
- Bticoin cash rallies by almost 15.
- Ethereum consolidates near record highs.
- A spike in South Korean trading activity underpins.
Bitcoin, BTC/USD, recovered almost $ 250 from the Asian lows but failed to sustain the bounce above the $ 8100 mark, now consolidating near $ 8050 levels. The latest dip in the cryptocurrencies was mainly driven by a profit-taking slide after the overnight rally, triggered by a spike in cryptocurrencies trading activity in South Korea, Coindesk reports.
Regulators in South Korea recently noted that they did not consider digital tokens as legitimate currency and, hence, have no plans to supervise or regulate them. Their comments came as more than 1,500 people were preparing to launch a suit against Bithumb. Their comments pushed the trading volumes up by 42% in Bithumb, South Korea’s largest cryptocurrency exchange.
The overall market capitalization for cryptocurrencies set new records, sitting at $254.78 billion over the last hours. Bitcoin Cash jumped by almost 15% to $ 1679.35 with a market capitalization of $ 28 billion, while Ethereum, ETH/USD, the world’s second most-traded cryptocurrency, held steady above the $ 400 mark, but slightly away from the record highs of $ 425.86.