Cryptocurrency prices today were trading with marginal benefits with Bitcoin trading just above the $45,000 level. Bitcoin prices were up 0.6% to $45,202. Bitcoin, the world's biggest and well-known cryptocurrency, is up over 54% this year (year-to-date).
Ether, the coin linked to ethereum blockchain and the second largest crypto, surged over 1% at $3,043. Dogecoin, on the other hand, gained closely 6% to $0.30. Other digital coins like Stellar, Uniswap, XRP, Litecoin, Cardano also were trading with gains over the last 24 hours.
The worldwide crypto adoption grew by 880% between June 2020 and July 2021, as per the 2021 Global Crypto Adoption Index by blockchain data platform Chainalysis. India ranks second in terms of crypto adoption global behind Vietnam, but ahead of countries such as the US, UK, and China, according to the report.
Crypto adoption in India has also been led by smaller towns in the country. The largest crypto exchange in the country by trading volume, WazirX, said previous week that it had seen more than 2,648% growth in user sign-ups from tier II and tier III cities in India.
In the meantime, Robinhood Markets Inc.’s cryptocurrency-trading revenue soared in the second quarter as customers plowed into digital assets like Bitcoin. The brokerage brought in $233 million in crypto-trading revenue in the period, up 4,560% from the $5 million it generated a year earlier, the California-based company stated in a statement Wednesday in its first earnings report as a public company.
Before the rebound over the last few weeks, the crypto sector had been weighed down by a crackdown in China and worries over the environmental impact of the energy required to create coins and process transactions. Supportive comments from billionaire Elon Musk and Ark Investment Management LLC’s Cathie Wood had assisted Bitcoin rally.