The cryptocurrency market was back in the red on Monday, thanks to profit-booking following weekend gains. Trading volumes sank significantly on account of the holiday week in Asian markets. Bitcoin, along with other tokens, moved little over the weekend with light trading volume, as the majority of the markets in Asia headed to the weeklong Lunar New Year holiday. The global cryptocurrency market cap dropped about 3 per cent to $1.67 trillion. Meanwhile, the total crypto market volume tanked more than 4 per cent to $56.22 billion.
The world’s most popular and largest cryptocurrency by market cap was down 3.15 per cent to $37,008.21. Bitcoin has slipped more than 20 per cent since the start of this year (year-to-date or YTD), whereas it has nearly halved from its all-time high of $69,000 hit in November past 50 per cent.
On the other hand, Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, fell nearly 3.74 per cent to $2,508.00, as per CoinmarketCap.com. Similarly, Binance Coin slipped 4 per cent to $369.
Dogecoin price also tanked over by 3.96 per cent to $0.1371 whereas Shiba Inu plummeted more than 6.41 per cent to $0.00002054. The performance of other cryptos also declined as XRP, Stellar, Avalanche, Cardano, Solana, Polygon, Terra, Uniswap prices were trading with cuts over the last 24 hours.
The Cyberspace Administration of China (CAC) announced the commencement of an in-house effort to expedite blockchain development and innovation across 15 zones and 164 entities. The initiative aims for the large-scale implementation of blockchain technology across businesses and government organisations in China.
The CAC, along with other government agencies, directed the regulatory authorities to “promote the intensive and balanced layout of blockchain technology infrastructure in the region, form a large-scale production-level cross-chain data exchange support capability, and promote the formation of a multi-party collaborative blockchain industry ecology.”
Recently, the United States Securities and Exchange Commission rejected Fidelity’s application for a Bitcoin ETF. Notably, Fidelity already stewards over $4 trillion worth of assets, has launched a similar ETF product in Canada in 2021.
Ethereum founder Vitalik Buterin will receive back $100 million in USDC from the more than $1 billion in Shiba Inu he previously donated to the India-focused COVID-19 relief fund, CryptoRelief, the fund’s founder Sandeep Nailwal and Buterin tweeted.
Here are the top 10 cryptocurrencies and their prices on January 31, 2022 (data from coinmarketcap.com at the time of publishing this article)
Bitcoin $37,008.21 or 3.15 per cent loss in the last 24 hours
Ethereum $2,508.00 or 3.74 per cent loss in the last 24 hours
Cardano $1.02 or 4.88 per cent loss in the last 24 hours
Tether $1.00 or 0.00 per cent gain in the last 24 hours
Terra $44.15 or 12.36 per cent loss in the last 24 hours
XRP $0.5857 or 5.44 per cent loss in the last 24 hours
Solana $90.26 or 5.90 per cent loss in the last 24 hours
Avalanche $65.05 or 8.94 per cent loss in the last 24 hours
Binance $1.00 or 0.11 per cent loss in the last 24 hours
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