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Cryptocurrency updates on October 8: Bitcoin slips to $53,000; Shiba Inu down 35%

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The crypto market was trading in the green Friday morning, with major altcoins outperforming Bitcoin, with the exception of Dogecoin. As Dogecoin slipped nearly 1 percent, it also slipped from its 8th position on the top 10 crypto table to 10th position. Here's a snapshot of the crypto market as of Thursday-Friday.

Cryptocurrency updates on October 8: Bitcoin slips to $53,000; Shiba Inu down 35%
The crypto market was trading in the green on Friday morning, with major altcoins outperforming Bitcoin, with the exception of Dogecoin. As Dogecoin slipped nearly one percent, it also slipped from its 8th position on the top 10 crypto table to 10th position.
Bitcoin dropped two percent to trade at $53,000. Regardless, its market cap has crossed the $1 trillion mark. It is now roughly 20 percent away from its all-time high of $64,800.
Ether and Binance Coin were up nearly 1 percent. Cardano was up almost 4 percent at $2.27 and Polkadot surged over 5 percent to $33.45. Solana and XRP were trading almost half a percent higher.
Shiba Inu surged nearly 400 percent on Thursday to make its way into the top 15 tokens. But it declined over 35 percent on Friday morning. It is now back to rank 20 on the market cap table.
A. Top 10 cryptocurrencies by market cap
CryptocurrencyCurrent market price24-hour change
Bitcoin$53,846-2.42%
Ether$3,5630.72%
Binance Coin$431.320.13%
Cardano$2.264.11%
Tether$1.000.02%
XRP$1.070.62%
Solana$1540.81%
Polkadot$33.355.69%
USD Coin$0.990.02%
Dogecoin$0.2430.96%
As per data from coinmarketcap.com, the crypto market's total market cap by Thursday rose over 5 percent to $2.30 trillion. Meanwhile, Bitcoin’s dominance in the market rose to 44.5 percent.
Per a report on CoinDesk, a large buy order was the reason for Bitcoin’s rally yesterday. However, some analysts expect a corrective price action in Bitcoin soon.
B. Cryptocurrency top news
Bitcoin’s trading volume rise
The spot trading volume of Bitcoin has risen in the past few days, thanks to a resurge in buying. Data showed both long-term and short-term holders are active and realising profits.
Why has Bitcoin surged?
There are three major reasons behind Bitcoin’s rally, according to coinmarketcap.com. One, traders are awaiting the US to approve exchange-traded funds based on Bitcoin this month. This is increasing investor optimism. Two, a hedge fund controlled by George Soros also invests in cryptocurrencies. Three, October is historically a bullish month for cryptos and it seems to be the case this time around as well.
Binance says Ireland is part of its HQ plans
Binance, a major cryptocurrency exchange sees Ireland as part of its plans to establish a number of headquarters across the world, its CEO told Reuters Thursday. Last month, Binance registered three firms in Ireland, corporate registry documents show.
No, Elon Musk’s tweet did not send Shiba Inu surging
Shiba Inu, the self-claimed Dogecoin killer, is surging ever since Elon Musk tweeted this. A report by CoinDesk pointed out that the reason behind Shiba Inu’s 400 percent surge is the moves of SHIB ‘whales’ – accounts that hold large amounts of SHIB – that prompted the rally, and the retail investors took it up a notch.
U.S. Justice Dept launches new initiatives on cryptocurrencies, contractor hacks
U.S. Deputy Attorney General Lisa Monaco on Wednesday unveiled two new Justice Department enforcement initiatives aimed at targeting cryptocurrencies and government contractors who fail to report cyber breaches.
El Salvador: One-month milestone
It’s been a month since El Salvador made bitcoin a legal currency, besides US dollar. Its President Nayib Bukele has revealed cash deposits to buy Bitcoin from ATMs now outweigh dollars.
Mt. Gox deadline ahoy
Those who lost their money in the Mt. Gox hack have one day left to vote on a rehabilitation plan to receive a payout. If this payout plan is approved, those who receive bitcoin could become millionaires overnight. Mt. Gox is an exchange that collapsed back in 2014 after 850,000 BTC were stolen, however, 200,000 coins were later recovered.
South Korea’s 20% crypto gains tax
South Korea is set to announce a 20 percent tax on gains made by crypto trading, starting 2022, a report in The Korea Times said.
C. Top 3 trending crypto assets
CryptocurrencyCurrent market price24-hour gain
Taboo Token$55,181.3521.46%
Dogecoin$0.2433-0.74%
Baby Shiba Inu$0.00000001292316.47%
D. Top 3 gainers
CryptocurrencyCurrent market price24-hour gain
Planet Sandbox$16.361717.87%
BSC Gold$0.0003705474.00%
Baby Shiba Inu$0.00000001307322.32%
E. Top 3 losers
CryptocurrencyCurrent market price24-hour loss
Carbon Coin$0.000000001176-68.82%
Only Up$0.0003857-59.74%
Yearn Secure$0.3611-54.74%
 (Data is sourced from coinmarketcap.com)
(With inputs from Reuters)
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