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Circle, Backed by Goldman Sachs, Introduces US Dollar Crypto

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Alternate up- and down-days

The cycle of alternating days of gains and losses continues to stir the cryptocurrency markets. Bitcoin and other top-ten cryptos fell once again. Bitcoin was down about 2.3% over the last 24 hours and trading at $8,130. Its market capitalization was at $138 billion. The overall market cap for all the cryptos was at $369 billion. Bitcoin’s (GBTC) dominance relative to other cryptos was at 37.5%. Often, a slump in cryptos raises the bitcoin’s dominance. The cryptocurrency market has fallen about $42 billion over the last three days.

Other top ten-cryptos also saw lower prices. Ethereum and ripple were down 2.6% and 3.4%, respectively, to trade at $684.1 and $0.67, respectively.

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Backed by Goldman Sachs

The Goldman Sachs–backed (GS) start-up Circle announced a new cryptocurrency pegged to the US dollar. The company had a $110 million round of investment from Bitmain, a crypto mining company. This investment gave Circle a value close to $3 billion. Circle customers will be required to hold $1 for every USD Coin.

Germany’s (EWG) second-largest stock exchange, Börse Stuttgart, had announced that it would launch a zero-fee cryptocurrency trading app called Bison. The top four cryptos should be supported on the app, including bitcoin, ethereum, ripple, and litecoin. More cryptos are to be added. A prototype was presented today at the finance and investment trade fair Invest in Stuttgart.

Top cryptocurrencies binance coin, huobi token, digix DAO, and zcash also had an up-day, climbing 24.8%, 13.4%, 5.9%, and 5.5%, respectively. The worst performers for the day were mithril, veritaseum, polymath, and golem, which fell 15.2%, 10.2%, 10.2%, and 9.8%, respectively.

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