The cryptocurrency market is facing a tough time as it suffered a major loss of over $500 billion in combined capitalization on Friday. The market loss led to a sell-off of over $700 million as major crypto assets took a hit. Bitcoin suffered a drop below the critical $40K support level, while Ether suffered a $3K support loss.
With all the downturns the crypto market is experiencing, investors and professional traders need to have an update on the market. Below is the summary of some of the major crypto news:
Cryptocurrency Price Today: Bitcoin Drops More Than 1%, Solana Drops 14%
The cryptocurrency market is trading in the red on Sunday. The global crypto market capitalization took a hit to $1.6 trillion from $1.7 trillion over the last 24 hours. On the other hand, trading volume increased from $126 billion to $130 billion. Bitcoin was trading at levels of $35,203.60 with dominance rising to 41.26%. In rupees terms, Bitcoin fell more than 1% to trade at Rs 28,95,454, while Ethereum fell 5% to trade at Rs 2,00,017.6. Currently, Bitcoin is almost halfway down from its peak of $69,000 in November.
Brazilian fintech Dock will use cryptocurrencies for international remittances
Brazilian financial services provider Dock reported Friday that it will begin using cryptocurrencies to process international remittances as it expands into Latin America and Europe. The Brazilian reais will reportedly be converted to Bitcoin and then to another currency such as the dollar, reaching end users through Dock clients such as Vivo and Natura&CO.
The market removes $1 trillion from November 2021
With the start of the year 2022, Bitcoin is down 16% while Ethereum is down 22%. On Friday, Bitcoin fell to its lowest level in the last five months, trading at $35,017.4 on Saturday. Ethereum is also not in a good place and was trading at $2,451.47. Bitcoin reportedly suffered a 40% drop from its all-time high of $69,000 in November 2021. This drop, along with the decline of other cryptocurrencies, has represented a loss of around $1 trillion in the market.
NBA Top Shot NFTs have quietly increased 72% in 30 days
Despite the slump in the crypto market, NFTs or non-fungible tokens are seeing an increase in the quantity of money. OpenSea, the leading NFT marketplace, picked up a single monthly record last week with $3.5 billion in January sales year to date, just in the middle of the month. NBA Top Shot is back from March of last year, surging 72% in the last 30 days, perhaps all thanks to NBA star Kevin Durant.
