Cryptocurrencies aimed to recover from slight declines as a new week began. Bitcoin (BTC) experienced a drop below a significant level, and Ethereum (ETH) reached its lowest point in two months. These changes were prompted by Binance losing a partner for its debit card services, and the US government’s intensified efforts to prevent tax evasion among crypto users.
On Monday, Bitcoin, the largest cryptocurrency by market value, was trading at $25,923. This marked a 0.6% decline over the previous 24 hours, keeping it below the $26,000 mark. Ethereum, the second-largest cryptocurrency, experienced a 0.9% decrease on the same day, trading at $1,640. The global cryptocurrency market’s overall value decreased by 0.7% over the past 24 hours, reaching a total of $1.04 trillion.
Binance announced the discontinuation of its branded debit cards, which allowed customers to make purchases using their cryptocurrency balances. This service will no longer be available in Latin America and the Middle East. Last week, Mastercard confirmed the end of its partnership with Binance for this program. However, this discontinuation won’t affect other crypto card programs. A similar co-branded card offered in Europe by Visa was terminated the previous month.
Coinbase Global’s assets division revealed its plan to list PayPal’s US dollar stablecoin last week. Kraken had already introduced trading options for PYUSD earlier. On a different note, the Biden administration introduced proposed regulations requiring crypto brokers to report tax information similarly to brokers dealing with securities and other financial instruments. Critics of these rules included Ryan Selkis, the CEO of crypto research firm Messari, and Patrick McHenry, the chairman of the US House Financial Services Committee.
This week, attention will be directed towards labor-related data in the world’s largest economy. On Tuesday, the July Job Openings and Labor Turnover Survey will be released, followed by ADP’s National Employment Report on Wednesday, as stated by the Econoday calendar. Friday will witness the publication of the highly anticipated nonfarm payroll data for August. The consensus points towards an unchanged unemployment rate of 3.5% and a total workforce growth of 170,000.