Major cryptocurrencies traded in negative territory in the late hours of Sunday as the global cryptocurrency market cap fell 0.63% to $2.05 trillion.
What Happened: The apex cryptocurrency Bitcoin (CRYPTO: BTC) traded 0.72% lower at $45,003.36 over 24 hours. For the week, BTC has risen 12.97%.
Ethereum (CRYPTO: ETH) fell 0.61% over 24 hours to $3,302.52 and, for the week, it has plunged 15.85%.
See Also: How To Buy Ethereum (ETH)
Cardano (CRYPTO: ADA), a proof-of-stake blockchain platform that implemented smart contracts on Sunday, traded 5.99% lower at $2.43 over 24 hours. For the week, Cardano has fallen 15.83%.
Dogecoin (CRYPTO: DOGE) was down 0.36% at $0.24 over 24 hours. Over a seven-day trailing period, DOGE has lost 22.63%.
The top gainer on Sunday evening was Cosmos (CRYPTO: ATOM) which soared 22.91% over 24 hours to $33.19. For the week, the coin has risen 26.34%.
Against BTC and ETH, ATOM rose 23.54% and 22.27%, respectively.
Other notable gainers over 24 hours included Tezoz (XTZ), Polkadot (CRYPTO: DOT), and Harmony (CRYPTO: ONE)
XTZ shot up 16.75% to $7.06, DOT rose 15.45% to $36.27 and ONE gained 13.97% to $0.204 in the period.
Why It Matters: South Korea has set Sept. 24 as a deadline for foreign and local exchanges to register as legal trading platforms but local platforms are struggling to meet the conditions, reported Financial Times.
See Also: US Should Declare Bitcoin As Legal Tender, Says 1 In Every 4 Americans: YouGov Survey
The regulatory requirement could reportedly potentially wipe out $2.6 billion with almost 40 out of South Korea’s 60 cryptocurrency operators expected to be shuttered.
Meanwhile, cryptocurrency analyst Willy Woo said Sunday that “minnows” are continuing to pile on BTC following similar action by the whales.
Supply Distribution of Bitcoin update.
Whales added recently. Minnows continue to stack. 10-1000 BTC holders mainly flat.
Reserves held publicly reducing (mainly exchanges and ETFs reducing while corporates adding). pic.twitter.com/IdJ4XcIHbV
— Willy Woo (@woonomic) September 12, 2021
Cryptoquant noted a fall in BTC exchange reserves to a three-year low. An increase in this metric implies an increase in BTC supply for selling, altcoin purchase, and margin trading.
$BTC all exchanges reserve hit a three-year low.
Live Chart t.co/HLk0pdthaS pic.twitter.com/gaDN0SY52i
— CryptoQuant.com (@cryptoquant_com) September 12, 2021
Cryptocurrency trader Michaël van de Poppe made a reference to ATOM, by simply tweeting “$ATOM” on Sunday.
The trader also made another brief comment on the cryptocurrency markets noting, “it’s a bull market.”
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