Top cryptocurrency news: Markets are in the red as Bitcoin and Ethereum prices drop

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The global crypto market capitalization has declined 5.24 percent to $2.13 trillion in the last 24 hours. Bitcoin’s market share climbed by 0.48 percent to 41.60 percent in the recent day. At the time of writing, Bitcoin is trading at $46,879.64.

Over the last 24 hours, overall cryptocurrency trade volume increased by 39.30 percent to $96.48 billion. Stablecoins ($78.22 billion) accounted for 81.08 percent of the crypto market’s 24-hour market volume. While DeFi ($12.43 billion) contributed 12.88 percent of total crypto volume.

Bitcoin declined 3.49 percent to Rs 37,88,240, while Ethereum (Rs 3,03,724) fell 5.69 percent to Rs 3,03,724. Cardano (Rs 98.79) fell 6.18 percent of its value. Over the last 24 hours, Avalanche (Rs 6,350) has lost 10.09 percent, Polkadot (Rs 2,115.88) has lost 8.75 percent. And Litecoin (Rs 11,712) has lost 5.76 percent.

SHIB, a Memecoin, fell by 6.17 percent, while DOGE (Rs 12.74) fell by 4.74 percent.

In an unprecedented economic move, Myanmar’s shadow National Unity Government (NUG) declared the recognition of stable coin Tether (USDT) as its official currency. Tin Tun Naing, the Finance Minister of the NUG, has announced that tether, also known as a dollar proxy. It is going to accept for domestic purposes, as well as for the simplicity and speed of trade, services, and payments.

While it may appear like the world’s most popular cryptocurrency is reaching exhaustion, network activity estimations and BTC’s halving schedules imply that the remaining 10% supply will last until February 2140.

In yet another massive cryptocurrency fraud, a hacker used the Polygon-based platform Vulcan Forged to acquire the private keys to 96 crypto wallets and approximately 4.5 million of its native PYR tokens, accounting for nearly 9% of the 50 million supply, depriving investors of around $140 million.

Bitcoin

Bitcoin is decentralized digital money that may be sent directly from one user to another on the peer-to-peer bitcoin network. There is no single administrator or central bank. Network nodes utilize cryptography to validate transactions. Which are then stored on a blockchain, which is a public distributed ledger. Satoshi Nakamoto, a pseudonym for an unknown person or group of people, created the cryptocurrency in 2008. When its implementation was released as open-source software in 2009, the currency was put into circulation.

Ethereum

Ethereum is a decentralized, open-source blockchain that allows users to create smart contracts. The platform’s native cryptocurrency is Ether (ETH or ). Ether is the second most valuable cryptocurrency after Bitcoin in terms of market capitalization.

Vitalik Buterin, a programmer, created Ethereum in 2013. Gavin Wood, Charles Hoskinson, Anthony Di Iorio, and Joseph Lubin were also among the Ethereum founders. The network became live on July 30, 2015, after development work began in 2014. Anyone can use the platform to develop permanent and immutable decentralized applications that users can interact with.

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