Cryptocurrency Prices Today August 7: Bitcoin down, Binance Coin biggest laggard

moneycontrol.com:

Cryptocurrencies traded in the red early on August 7. The global crypto market cap stood at $1.09 trillion, down 1.33 percent from the previous day. The total crypto market volume over the last 24 hours reached $44.71 billion, which makes a 35.18 percent decrease.

The total volume in DeFi is $5.00 billion, 11.18 percent of the total crypto market 24-hour volume. The volume of all stable coins is now $40.58 billion, which is 90.76 percent of the total crypto market 24-hour volume.

The price of Bitcoin is Rs 18.35 lakh, with a dominance of 40.44 percent. This was a 0.08 percent increase over the day, according to data from CoinMarketCap.

In the news is that after an Enforcement Directorate probe, Binance revealed that it never owned WazirX. Changpeng Zhao or ‘CZ’, the CEO of Binance said the company does not own Indian crypto exchange WazirX, a deal which was understood to be completed back in 2019.

Zhao tweeted, “Binance does not own any equity in Zanmai Labs, the entity operating WazirX and established by the original founders.”

Hours after that denial, a series of tweets were exchanged between CZ and WazirX founder Nischal Shetty. According to CZ, the WazirX founding team had control of the operations of the platform, while Binance was never given any data or control of users, KYC etc.

The global focus is on Coinbase, which rose to prominence as one of the first major crypto companies, a gateway to the chaotic world of digital assets for amateur investors. But as it has grown from plucky start-up to publicly traded company, its status as an industry leader has been threatened by a series of missteps and a steep decline in the crypto market over the past six months.

Coinbase’s staggered start in India, a largely untapped market