Bitcoin Gains 5% In Last 5 Days, Ether Regaining Traction: Binance Market Update

Bitcoin, the largest crypto coin according to its market capitalization gains marginally today, however, it has risen by 5.26% in the last 5 days, which is again giving investors confidence. Other cryptocurrencies are also following the same trend today. On July 6, till 5.54 pm UTC, Bitcoin was quoted at US$ 20,260.20 surging by 0.52%. Yesterday, the asset closed at US$ 20,169.40.

Significantly, the other major crypto coins are also on the same path. Ether was quoted at US$ 1,140.78, gaining by 0.64%. Yesterday, the asset closed at US$ 1,133.55. Litecoin was quoted at US$ 49.81, gaining sharply by 0.12%, Dogecoin was quoted at US$ 0.0680 gaining by 1.29%, and Cardano was quoted at US$ 0.4578 gaining by 0.060%.

The volatility is an integral part of the crypto market as an alternative investment. Bitcoin including other cryptos has been showing a sharply bearish trend this year, Bitcoin dropped by 35.57% in the past month. However, the last week's trend is showing some better traction in the market. Although the US dollar index surged sharply, and US Bond yield is also rising with interest rate hikes, the Crypto market has gained momentum this week.

Market Update on Binance

To attract more investors, Binance, a major crypto exchange has decided to cut bitcoin (BTC) trading fees to zero worldwide as of July 8. According to a CoinDesk report, Binance has decided this for "stepping up competition with its rival cryptocurrency exchanges."

Market Update on Voyager Digital

The crypto lender Voyager Digital has recently filed for a Chapter 11 bankruptcy. "Voyager Digital stated that the 'prolonged volatility and contagion in the crypto markets' and the default of crypto hedge fund Three Arrows Capital (3AC) on a loan require it 'to take deliberate and decisive action now'," according to a report by Bitcoin.com.