RIYADH: Bitcoin, the leading cryptocurrency, traded higher on Monday, rising by 2.77 percent to $47,212.97 at 4:17 p.m. Riyadh time.
Ether, the second most-traded cryptocurrency, traded at $3,279.89, up 3.70 percent, according to data from Coindesk.
Cryptocurrency market cap crossed $2 trillion for the first time since mid-May as Bitcoin led the rally, rising to $48,048 on early Monday, the highest since May 17.
Ether and Cardano also joined the world’s largest cryptocurrency, increasing in value by 11 percent and 53 percent in the past seven days, respectively, according to CoinMarketCap data.
A new survey published on Monday showed that Ether was the most popular cryptocurrency in Singapore.
The survey involved more than 4,000 people, 67 percent of the respondents had cryptocurrency in their wallet, and two-thirds of crypto holders increased their holdings of digital assets during the pandemic.
The survey, conducted by crypto exchange Gemini, finance platform Seedly, and information provider CoinMarketCap, also showed that crypto investors own 78 percent of Ether compared to 69 percent who own Bitcoin, while Cardano clinched the third spot with 40 percent.
People between the ages of 18 and 24 also said that more than half of their investments are in cryptocurrencies. While 34 percent of those without cryptocurrency said they plan to enter the market within the next 12 months.
The most interesting aspect of crypto for all respondents was decentralized finance, an inflation hedge, and non-fungible tokens.
In another important development, Argentina President Alberto Fernandez said he is open to adopting cryptocurrency as a legal currency.
He said: “There is a great deal of discussion about the value and use of cryptocurrencies not only in Argentina but also around the world.”
He admitted that despite his limited knowledge of cryptocurrency, this issue should be approached carefully.
The administration of US President Joe Biden is reportedly planning to nominate Rustin Behnam to lead the regulator.
The regulator is charged with supervising derivatives market activity including cryptocurrency derivatives. Behnam has also spoken positively about the use of blockchain technology in financial markets and previously called for an “open mind” on regulation in the fintech space.
Watford Football Club players wore the dogecoin meme-inspired cryptocurrency logo on their shirtsleeves as the football team returned to the Premier League on Saturday.
It was part of the club’s sponsorship deal with cryptocurrency betting platform Stake.com. The deal is worth $970,000, according to a report by The Athletic.