Bitcoin Takes Bigger Chunk of $1.327tn as Global Crypto Market Cap Hits $2.45tn

•Surpasses Visa, Mastercard in transaction volume

Ndubuisi Francis in Abuja

The global cryptocurrency market cap yesterday rose by 0.7 per cent to around $2.45 trillion, with the market cap of Bitcoin, the world’s largest cryptocurrency accounting for $1.327 trillion.

Bitcoin, which is redefining traditional payment systems rallied to a historic milestone, surpassing Visa and Mastercard in terms of daily transaction volume.

According to data from Glassnode, the leading crypto asset recorded a volume of $46.4 billion, compared to $6.5 billion for filtered economic transactions, adding that the surge was due to increasing adoption and innovations such as the Runes protocol.

Bitcoin (BTC) reached $68,450, eyeing $70,000, supported by Ethereum ETFs launch.

Bitcoin, Solana, and Dogecoin led a positive crypto market movement among the scores of cryptocurrency assets.

President Biden’s re-election decision influenced the market. According to the XEO of Mudrex Edul Patel, “Bitcoin has bounced back to the $68,000 mark as market participants show optimism about Donald Trump’s potential election win.

“BTC is now eyeing the $70,000 level, signaling a continued positive sentiment. However, bears are likely to challenge this advance in the $70,000 to $73,000 range.

“Bitcoin’s strength has also led to a recovery in several altcoins. Additionally, the market may get another boost from the launch of Ethereum ETFs, which are expected to start trading on July 23.”

Meanwhile, the world’s leading crypto exchange, Binance, has received approval to invest customer funds in US Treasury bonds.

This strategic decision allows the company to diversify investment options for its users. It offers greater security and stability compared to more volatile crypto assets.

The announcement also led to a notable increase in the price of Binance Coin (BNB). This reflects investor confidence in Binance’s fund management and paves the way for similar initiatives.

This comes after Changpeng Zhao, the founder of the cryptocurrency firm, was sentenced to four months in US prison, having pleaded guilty to money laundering charges, in the most high-profile crypto case since Sam Bankman-Fried was jailed.

According to investigations by two Treasury agencies, Binance failed to prevent transactions by movements such as the Islamic State group, al-Qaeda or the armed wing of Hamas.

Zhao pleaded guilty to violating US anti-money laundering laws and Binance agreed in February to pay $4.3 billion to settle charges.

Some Binance officials are currently facing allegations of tax evasion and money laundering in Nigeria.