Crypto market gained over $15B as Bitcoin, Ethereum, and Ripple escaped from bearish trap

  • Major coins continue to recover amid Coinbase news.
  • Bitcoin settles above $6,600 for the first time in ten days.

Cryptocurrency market turned green, recovering from the recent sell-off that took most major coins to the lowest levels of the year. While the fundamental reason behind the upside recovery is not readily available, news that Coinbase, the largest US cryptocurrency exchange, adds ten institutional customers to its custody service may cause a  change of heart on the market.

Coinbase is one of the companies that offer custodian services for institutional investors seeking exposure on digital asset markets. These services are supposed to attract more institutional investors that need to comply with SEC requirements. According to Coinbase representative, the exchange has been talking with the regulators to ensure compliance. 

"We sort of have an understanding with the SEC and Finra, and it allows us to execute contracts with clients and take the first deposits," Sam McIngvale from Coinbase said in the interview with Bloomberg.

Bitcoin broke above $6,500 handle, trading at $6,620 at the time of writing. The digital coin No. 1 is up 4% in the last 24 hours and mostly unchanged since the beginning of Tuesday. Trading volume settled at $4.4B, total market cap - $113B.

Ethereum is below critical level $500, though the coin has gained 5% over the recent 24 hours. Currently, ETH/USD is trading at $476, having recovered from last Friday's low registered at $405.  Nearly $1.7B worth of Ether changed hands in the past 24 hours. 

Ripple has gained 6.3% since this time yesterday, trading at $0.4922 at the time of writing. XRP's market value is $19.2B, average daily trading volume - $344M. XRP/BTC and XRP/USDT are among the most active combinations, representing over 50% of the total trading volume.


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