The global crypto market has seen a continuation of gains as it has retained its momentum. The recent data shows that Bitcoin, Binance Coin, etc., have continued to grow in value. The recent influx of capital has brought considerable gains to various coins in the market. The inflow of capital came after stark bearishness, which had left the market emaciated. The current bullish wave isn’t strong and might not bring the expected gains to the market.
Iran has implemented new rules that will allow businesses to use crypto for import trade transactions. According to the said changes to rules, those local businesses which want to pay in crypto instead of Euro or Dollar will be able to avail of this benefit. The minister of industry, mines, and trade, Reza Fatemi Amin, said that the administration of Iran had passed a new set of regulations.
Amin made the announcement on 29 August at an automotive exhibition in August. He also said that the new law defines regulations regarding crypto mining and the supply of fuel and energy for crypto mining. The Central Bank of Iran has approved these changes, and these will come into effect soon.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and others.
BTC at $20.4K
Bitcoin has continued to find use in various areas. According to the recent updates, Bitcasino has partnered with ESTCube-2 to send one Bitcoin to space in 2023. The said step will give an opportunity to all its players to win the said Bitcoin.
The recent changes show satisfactory growth of Bitcoin. The latest data shows that it has added 2.99% over the last 24 hours. The weekly data shows that it has receded by 4.99%.
The price value for Bitcoin is currently in the $20,414.98 range. The market cap value for Bitcoin is estimated to be $390,452,269,055. The 24-hour trading volume of this coin is about $32,955,444,130.
BNB retains momentum
BinancePay has partnered with various companies in UAE to provide crypto-related services. According to the available updates, a partnership with BinancePay will allow entrepreneurs to repay loans using crypto. Virtuzone has partnered with Binance for this purpose and will begin the said service soon. Digital payments are likely to become mainstream in UAE soon.
The value of the Binance Coin has also continued to grow. The recent data shows that it has added 5.96% over the last 24 hours. The weekly data shows that it has shed 2.97%.
The price value for BNB is currently in the $289.67 range. The market cap value for this coin is estimated to be $46,734,854,341. The 24-hour trading volume of the same coin is about $988,551,876.
XRP steady
The value of XRP has increased steadily due to continuing gains. The latest data shows that it has added 2.57% over the last 24 hours. The weekly data shows that its losses are about 2.96%. As the gains continue, the price value of XRP has reached the $0.3313 range.
The market cap value for XRP is estimated to be $16,429,626,820. The 24-hour trading volume of this coin is about $904,167,261. The same amount in its native currency is about 2,732,182,144 XRP.
SOL trying to strengthen the value
Solana has also made attempts to strengthen its value. The latest data shows that it has added 6.85% over the last day. The weekly data shows that it shed 8.29%. The price value for SOL is currently in the $32.77 range.
The market cap value for Solana is estimated to be $11,435,715,243. The 24-hour trading volume of this coin is about $836,139,463. The circulating supply of this coin is about 349,511,110 SOL. As the gains continue, Solana is likely to enhance its value.
Final Thoughts
The global crypto market has made a considerable improvement over the last day. The recent changes for Bitcoin, Binance Coin, etc. show that the market will grow further. As the influx continues, the market will increase gains for the investors. The global market cap value has also seen growth. The latest data shows that it is estimated to be $993.36 billion.
