Cryptocurrency prices today surged with Bitcoin trading above $48,000 level. The world’s largest crypto by market capitalization surged 2% to $48,004. In August, Bitcoin rose over 18%, whereas it is up over 65% this year, while ether saw a larger monthly increase of 35.7% in August. 

Ether, the coin linked to ethereum blockchain gained over 5% to $3,602. Cardano prices rose 4% to $2.47 whereas dogecoin rose 2% to $0.24. Other virtual tokens including Stellar, Uniswap, Litecoin also surged over the last 24 hours. Meanwhile, Solana was trading lower at $155.

Binance Holdings Ltd, the world’s largest cryptocurrency exchange operator, saw 65% rise in trading volumes on its platform on a monthly basis, according to a report by digital asset data provider CryptoCompare. This was despite regulators around the world stepping up pressure on the crypto exchange.

Meanwhile US cryptocurrency exchange filed an application with the National Futures Association on Wednesday to register as a futures commission merchant. The company is registering as Coinbase Financial Markets Inc. Earlier this year, Coinbase bought Skew, which is best known for tracking the derivatives market.

According to S&P Global Ratings, US state and local governments are growing more interested in investing in cryptocurrencies in their pension funds and accepting digital currencies as payments for taxes and services. On the investment side, the outsized returns that cryptocurrencies have generated during