Bitcoin Price Corrects While Gold Sees Worst Daily Drop in 2.5 Years

Bitcoin Price Corrects While Gold Sees Worst Daily Drop in 2.5 Years

After failing to break $10,800, Bitcoin continues to see red, while gold sees the worst daily percentage drop in over 2.5 years.

Thursday, Sept. 5 — after failing to break $10,800 price point, Bitcoin continued to hover around $10,500, while most of the top 20 coins saw major losses.

Market visualization | Source: Coin360

Market visualization | Source: Coin360

After hitting an intraday high of $10,761, Bitcoin has seen a notable decline and continued fluctuating around $10,500 for most of the day. At press time, Bitcoin is trading at 

$10,528, down around 1% over the past 24 hours at press time. Still, Bitcoin is up more than 10% over the past 7 days as, according to some, the major cryptocurrency entered the early phase of the next bull cycle recently.

Bitcoin’s dominance continues to grow, having broken 71% rate of market share earlier today. At press time, Bitcoin’s dominance percentage accounts for 70.9%, according to data from CoinMarketCap.

Bitcoin 7-day price chart | Source: Coin360

Bitcoin 7-day price chart | Source: Coin360

Ether (ETH), the second cryptocurrency by market cap, is down over 2.8% over the day. Trading at $173, the top altcoin is still up around 2% over the past 7 days at press time.

Ether 7-day price chart | Source: Coin360

Ether 7-day price chart | Source: Coin360

XRP, the third top cryptocurrency by market cap, tumbled 1.7% to trade at $0.26, staying nearly flat over a 7-day period at press time.

Ripple 7-day price chart | Source: Coin360

Ripple 7-day price chart | Source: Coin360

Binance Coin sees notable gains

Only four out of top-20 coins by market cap are seeing growth at press time, with Binance Coin (BNB) surging the most. The native coin of major global crypto exchange Binance is up more than 7.2% to trade at $23. Earlier today, Binance announced that it was launching a new USD-backed stablecoin, Binance USD (BUSD), in partnership with digital asset trust company Paxos.

In contrast, Tron (TRX) is seeing the biggest losses among the top 20 at press time, down 4.7%. On Sept. 1, crypto industry commentator Josh Rager accused Tron founder Justin Sun of buying 5,000 to 6,000 Twitter followers a day.

Total market capitalization has dropped slightly from $268 billion in the beginning of the day to $266 billion at press time, while daily trade volume also dropped around $1 billion to account for $50 billion at press time, according to CoinMarketCap.

Gold is at worst daily decline in 2.5 years

Meanwhile, gold prices have reportedly seen the worst daily percentage decline in more than 2.5 years today, down more than 2% over the day, according to CNBC. At press time, spot gold trades at $1,518 per ounce, down 2.1%, while United States gold futures dropped 2% to trade at $1,528.

Earlier today, Veteran frontier markets investor Mark Mobius claimed that in order to have any value, a cryptocurrency should be backed by gold. Previously, Mobius suggested that cryptocurrencies can potentially trigger the surge of the price of gold, arguing that the rise of faith in Bitcoin and crypto will increase the demand for the hard asset.

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Binance Joins Forces With Paxos to Launch USD-Backed Stablecoin ‘BUSD’

Binance Joins Forces With Paxos to Launch USD-Backed Stablecoin ‘BUSD’

Crypto exchange Binance and blockchain trust company Paxos join forces to launch USD-backed stablecoin, approved by the NYDFS.

Binance, the biggest crypto exchange by volume, and digital asset trust company Paxos announced its partnership to launch a USD-backed stablecoin, which has received approval from the New York State Department of Financial Services (NYDFS)

Binance USD available later this month

In a press release shared with Cointelegraph on Sept. 5, Paxos co-founder and CEO Asia Rich Teo shared that the NYDFS’s approval of the stablecoin Binance USD (BUSD) is a vital step towards long term stability in global crypto markets. He continued by saying:

“We are proud that our stablecoin as a service offering enables trusted companies like Binance to introduce products customized for their users. The Paxos brand symbolizes regulatory integrity, consumer protection and transparency for all of our partners.”

BUSD will be available for direct purchase and redemption 1:1 for U.S. dollars on the Paxos platform and for trading against Bitcoin (BTC), Binance Coin (BNB) and Ripple’s XRP on Binance.com.

CZ excited to work with Paxos

Binance CEO Changpeng Zhao — commonly known as “CZ” — said that Paxos is leading the digital trusts space and expressed that Binance is excited to work with them in developing their native stablecoin. He went on to say:

“We hope to unlock more financial services for the greater blockchain ecosystem through the issuance of BUSD, including more use cases and utility through the power of stable digital assets.”

Cointelegraph reported at the end of June that Binance and Paxos integrated a new fiat deposit gateway on Binance’s flagship trading platform, which enables traders to exchange fiat currency for the PAX Standard (PAX) stablecoin on the Paxos platform via wire transfer.

‘Unleash the Utility!’ — XRP Users Petition Ripple to Sell More Tokens

‘Unleash the Utility!’ — XRP Users Petition Ripple to Sell More Tokens

XRP community members have matured from earnest petitioning strategies to sarcastic ones, with a new petition entitled “Ripple Must Increase the ‘Dumping’ of XRP.”

Xrp community members have matured from earnest petitioning strategies to sarcastic ones, as they continue to express anger about the negative market consequences of Ripple dumping allegedly excessive quantities of XRP.

A change.org petition launched at the end of August, entitled “Ripple Must Increase the “Dumping of XRP,” has attracted more than 200 signatures as of Sept. 5.

“Unleash the Utility!”

The petition’s jocular tone opens with the line, “This is a race towards mass adoption. XRP is a tool that can solve many of the world’s problems.” 

Arguing that the asset does no good languishing in wallets, it proposes that Ripple urgently increases the rate of its “strategic OTC sales and infrastructure investments.” The sarcasm continues, unabated:

“Unleash the Utility! Get the greatest digital asset ever created into the hands of people that can use it. It’s hard for investors of inferior digital assets to understand. Since Bitcoin does nothing they must play games with its supply. XRP’s value comes from utility. The more XRP being used the more valuable it will become.”

The petition’s choice of wording appears to ironically reflect remarks from Ripple CEO Brad Garlinghouse, who had tweeted in defence of the company’s token sales strategy on Aug. 28:

“XRP sales are about helping expand XRP’s utility […] Reality is we DECREASED our sales by volume Q/Q and since then the inflation rate of XRP circulating supply has been lower than that of BTC and ETH.”

The petition’s creator, signed as “Jungle Inc,” ends with the rallying cry to sell more, exclaiming: “you must do what’s right for the world.”

“Our CEO overlords keep dumping on us”

The initiative reflects a very real frustration among the XRP community, which continues to spill over into sarcastic anger across Crypto Twitter. On Sept. 2, one commentator remarked:

#Bitcoin: Here’s a total separation of monetary policy from state, opt-in, predictable, and now nearly impossible to change.

#XRP: Our CEO overlords keep dumping on us, diluting supply. Petition is not working. If only there were an alternative that fixes this!”

The petition referred to in the tweet’s last section is the more straight-faced effort started by Twitter personality @CryptoBitlord, who launched a petition to “Stop Ripple dumping” roughly a month ago. To press time, it has gathered over 3,200 signatures.

@CryptoBitlord has also threatened the company’s execs with staging a community takeover if they don’t heed these concerns.

As reported, Ripple’s quarterly reports have consistently revealed the high number of XRP tokens the company is selling to fund its investments in different firms that have the potential to grow the XRP ecosystem and to fund its operations. The most recent, published late July, revealed a quarter-to-quarter increase of XRP sales of around 48%.

Altcoins Are Taking a Beating While Bitcoin Price Holds Around $10,500

Altcoins Are Taking a Beating While Bitcoin Price Holds Around $10,500

Bitcoin holds around $10,500 as most altcoins take a significant beating, while Binance Coin is the biggest loser among the top-20 coins.

Wednesday, Sept. 4 — The top-20 cryptocurrencies are showing red candlesticks across the board, as the number one cryptocurrency continues to test support at $10,500.

Market visualization. Source: Coin360

The Bitcoin (BTC) price has shown little price movement in the last 24 hours, and has been trading close to $10,500 for most of the day. At press time the world’s most popular cryptocurrency is trading at $10,532, down 0.63% on the day.

Bitcoin’s 24-hour price chart. Source: Coin360

Cointelegraph reported earlier that analysts suggested that the climate was right for Bitcoin to see further major gains. One such analyst, going by the Twitter handle PlanB, said that current conditions translated into the beginning of a fresh bull market. “#bitcoin: clear for takeoff,” he tweeted.

The number one altcoin Ether (ETH) is showing downward price movement and is currently trading at $174 per coin, down 2.23% on the day.

Ether 7-day price chart. Source: Coin360

Ripple’s XRP token continues to trade completely flat and is showing only a minor loss of around 1.42%. At publishing time, the world’s third-most popular coin is trading at $0.258.

XRP 24-hour price chart. Source: Coin360

Only losers among the top-20 altcoins

The worst-performing top 20 altcoins are Binance Coin (BNB) and Litecoin (LTC), which are showing losses over 4% and 3% on the day and are trading at $21.53 and $66.96, respectively.

The overall crypto market capitalization is $268.2 billion as of press time, with Bitcoin’s share accounting for 70.7% of the total.

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