Bitcoin and Ethereum dip in line with bearish equities market

Crypto dipped in tandem with a bearish equities market this Thursday morning, as 1.8% was knocked off total market capitalisation.

As it stands, total value across the entire market is US$976bn, with a US$20,000 Bitcoin constituting slightly over 39% of the market.

Ethereum dropped 3.3% over the past 24 hours, bringing the trading price down to US$1,550.

Solana, Polkadot, Cardano, Tron and Avalanche networks trended downwards in the same fashion, although the US$7bn Polygon network went up incrementally.

Few tokens gained any substantial ground.

Privacy coin Monero’s market cap jumped around 1% to US$2.77bn, while Bitcoin fork eCash (XEC) outperformed with a 5% rally to US$906bn.

LEO, the native cryptocurrency of the iFinex ecosystem, also added 6%, while centralised finance protocol Nexo added just over 2%.

Total volumes locked across the decentralised finance (DeFi) space remained essentially unchanged at US$59.5bn.

In the news

Michael Saylor, co-founder of world’s largest corporate holder of Bitcoin MicroStrategy, has been accused of tax fraud by the District of Columbia’s attorney-general.

Saylor allegedly evaded up to US$25mln in taxes in a lawsuit announced by attorney-general Karl Racine on Wednesday.

NEW: Today, we’re suing Michael Saylor – a billionaire tech executive who has lived in the District for more than a decade but has never paid any DC income taxes – for tax fraud.

— AG Karl A. Racine (@AGKarlRacine) August 31, 2022

South Korea’s customs service has reportedly arrested 16 people in connection with illegal foreign exchange transactions involving up to US$2bn in cryptocurrency, according to local news sources.

The traders allegedly used a form of arbitrage called “kimchi premium trading” that ran afoul of South Korea’s Foreign Exchange Transactions Act.