The global crypto market showed some signs of recovery, as the prices of the major crypto tokens appear to have stabilized at the moment with most of them trading with small gains or marginal losses as of 8:20 a.m., according to data from Coinmarketcap. The fact that trading volume fell 22.10% to $ 71.33 billion was a reassuring sign. The global crypto Market capitalization is now $ 1.97 trillion, an increase of 0.27 percent in the last 24 hours.
Meanwhile, the Reserve Bank of India (RBI) has announced through an internal circular the creation of a department dedicated to fintech. The new department will try to promote innovations in the fintech sector and solve its various challenges.
It is speculated that the department will be active on the cryptocurrency front in terms of framework regulations and a Central Bank Digital Currency (CBDC). Coindesk quoted a source as saying: “You can expect much more action from Ajay Kumar Choudhary (who will oversee the new department) towards Central Bank Digital Currency. This may mean a shift from RBI's stance towards the fast-track CBDC pilot. "
The world's oldest cryptocurrency, Bitcoin (BTC), continued under pressure as bears attempt to break out of its key $ 40,000 support zone. For now, it seems that the bulls have managed to hold their ground, but the question is how long? The price at 8:20 am was down 0.16% to $ 41,943.85.
“Bitcoin continues in a two-month downtrend, with a series of lower price highs. The relative strength index (RSI) levels on the daily chart are the most oversold since December, albeit within a bearish price trend. However, on the market leader's weekly chart, the RSI is not yet oversold, which implies that the downtrend will likely remain intact, ”says Gaurav Dahake, CEO of Bitbns.
Things are turning for Ethereum investors, whose price jumped 0.69 percent to $ 3,154.30. Cardano (ADA) is down 2.08 percent to $ 1.17. Algorand (SOMETHING), which is known as the Ethereum killer, is down 2.88 percent to $ 1.39; Its market cap is now $ 8,949,658,180.
Among other major coins, Binance Coin (BNB) was up 1.23% to $ 439.71, while Solana (SOL) was down 2.06% to $ 140.95. Polkadot (DOT) is up 1.81 percent to $ 24.72.
Today's top winner was NinjaFloki (NJF), which was up 746.21% to $ 0.0000551. Surprisingly, this was the same crypto token that topped the charts on Saturday with gains of 1,774.28 percent. The biggest loser was Hatoken (HATOK), which fell 99.60% to $ 0.00000000003454.
Meme Coins and DeFi
Dogecoin (DOGE) is down 0.75 percent to $ 0.1513. Its ratio between volume and market capitalization is 0.01907.
Rival Shiba Inu (SHIB) is up 0.67% to $ 0.00002836. ELON is trading 1.06% loss at $ 0.000001278, Floki Inu is up 7.20% at $ 0.00007437, while Samoyed Coin (SAMO) is trading 0.75% gain at $ 0.03145.
In the DeFi segment, YFI (yearn.finance) was trading 5.72% down at $ 32,189.33, Terra (LUNA) was up 6.30% at $ 72.67, Avalanche (AVAX) was up 3 , 72% at $ 88.86, Uniswap (UNI) is currently up 3.36% to $ 15.74, while Aave (AAVE) is down 2.77% to $ 207.76.
Latest Updates
The Verge reported that BitMart, a crypto exchange registered under (MSB) Money Services Business in the Cayman Islands, failed to deliver on its promise to pay its users, who were affected by the $ 200 million hack that occurred in December. There were still many users who have not received their refund yet.
Meanwhile, the US Congress will hold an oversight hearing in the coming weeks to learn how crypto mining is affecting the environment, according to a Coindesk report.
