The Crypto market had a lackluster day of trading, with only a few big-name players making an impact.
HIGHLIGHTS
- Bitcoin’s market share has continued to decline over the past few months.
- The price fluctuation of Ether was found to be more positive than that of BTC.
- Despite the rise in widespread adoption of dog coins, there has been little movement.
Cryptocurrency prices haven’t had a great 24 hours as the CEOs of six key crypto companies testified before the US House Financial Services Committee on regulation. Indian platform CoinSwitch Kuber is presently trading Bitcoin at $52,871 (approximately Rs. 39,92 lakh), down 1.19 percent in the last 24 hours, after a 12.7 percent drop in the preceding week.
To put it another way: CoinMarketCap’s most popular cryptocurrency fell by 0.78 percent to $49,869 on global exchanges (roughly Rs. 37.65 lakh).
Most major cryptocurrencies are beginning to see a shift in focus as Bitcoin’s dominance continues to wane on the cryptocurrency market. The value of Ether has increased by 1.25 percent in the last 24 hours, and it has recovered from the Black Friday slump significantly better than Bitcoin.
As of this writing, Ether was trading on CoinSwitch Kuber at $4,663 (approximately Rs. 3.52 lakh) and on worldwide exchanges at $4,392 (about Rs. 3.31 lakh), with a 1.65 percent increase in value over the past 24 hours.
Other well-known altcoins, according to Gadgets 360’s cryptocurrency price tracker, have also managed to see some green in the last 24 hours, despite the market’s apparent flatness as we enter the second half of the week,
This morning’s gains were largely driven by Polygon, Cardano, and Ripple while Tether and Polkadot had a small drop in value, respectively.
When looking at meme coins such as Shiba Inu and Dogecoin, Dogecoin fell 0.49 percent and Shiba Inu fell 1.3 percent in the last 24 hours, respectively (roughly Rs. 0.002759). This month, SHIB’s value has not quickly turned green, but the cryptocurrency has surpassed 1 million holders, a milestone that has been achieved by only a handful of significant altcoins so far.
The Bank of Thailand (BoT), the country’s central bank, has stated that it does not want commercial banks to be actively involved in the trading of crypto assets.
BoT senior director Chayawadee Chai-anant noted that banks are ready to deposit and secure money, but that the constantly shifting market movement of cryptocurrencies exposes investors to financial dangers. Because they are unregulated and decentralized, cryptocurrencies are frequently criticized by many countries’ central banks as a threat to their authority.
Meanwhile, Visa, the world’s largest payment processor, has created a global crypto advice service for clients such as banks and merchants as the adoption of digital currencies continues to gain momentum.
Amidst unprecedented interest from investors, Visa has announced a new cryptocurrency service aimed at financial institutions, retailers, and central banks interested in investigating non-fungible tokens (NFTs), all of which are experiencing a surge in demand for cryptocurrency services.
Cryptocurrency Exchange Bitstamp Lists Shiba Inu
Bitcoin trading on a global scale In order to trade Shiba Inu, Bitstamp will be allowing the trading of US Dollars and Euros. To add to the number of brands that are warming up to the meme-based dog coin that was established as a Dogecoin imitation, the move is remarkable. Shiba Inu deposits and withdrawals are now possible on Bitstamp. SHIB is currently trading at $0.00003672 (approximately Rs. 0.0028) per token, according to CoinMarketCap data.
People who call themselves the “SHIB army” have voiced their joy on Twitter over this development. AMC Theaters, a US-based movie theater chain, added Shiba Inu to its payment options earlier this year.
After seeing a 50% increase in value, Shiba Inu became the 11th-largest cryptocurrency coin on the market, according to a study from WatcherGuru.
Bitstamp has announced in a blog post that the newly introduced cryptocurrencies are currently available for deposits and withdrawals, but trading is not yet possible.
It’s possible to put and cancel limit orders but they won’t be matched.” Consequently, no orders will be fulfilled at this moment. Orders will be matched and trades will be completed as usual. Aside from that, “limit orders will be available,” the message stated.
The new trading pairs will be available for all order types and card purchases as soon as Bitstamp’s order books fill up with enough liquidity.
