Bitcoin Continues To Fall; PayPal May Launch Own Stable Coin Backed By US Dollar

Cryptocurrency trading volume rose 37.03 percent to $139.93 billion, but the prices of the major cryptocurrencies continued to decline on Saturday. As of 8.44 a.m., the global cryptocurrency market cap was down 2.90 percent at $1.98 trillion, according to Coinmarketcap data.

Crypto liquidation is a process whereby brokers are forced to buy or sell depending on their clients’ long or short cryptocurrency positions to close a position, due to a lack of additional margin payment. Therefore, when traders seemingly tried to buy on the dip using leverage trades, they diluted their capital even more as the cryptocurrency prices fell even more. Coindesk reported that this resulted in them losing over $182 million, of which $22 million was due to short positions.

Meanwhile, Bloomberg reports that PayPal, one of the world’s largest payment processors, may launch its own digital stablecoin that will be backed by US dollars. Jose Fernandez da Ponte, Senior Vice President of Crypto and Digital Currency at PayPal, was quoted as saying: “We are exploring a stablecoin; if and when we seek to move forward, we will of course work closely with the relevant regulators.”

The world’s oldest cryptocurrency Bitcoin (BTC) saw its trading volume rise by a whopping 162.64 percent at $76,908,855,650, while its price fell 1.38 percent at $41,759.24. This may be due to forced liquidation by many crypto brokers and institutions.

“Bitcoin continues to hover above three-month lows, tracking a bounce in global stock markets. Breaking through support levels for either Bitcoin or Ether will be critical,” says Gaurav Dahake, CEO of Bitbns.

Ethereum (ETH) is down 4.54 percent at $3,211.17. Its volume to market capitalization ratio is 0.0639.

Cardano (ADA) fell 2.76 percent to $1.22. Algorand (ALGO), known as the Ethereum killer, is down 3.83 percent at $1.44; Its market value is now $9,281,552,866.

Among the other major coins, Binance Coin (BNB) was down 2.32 percent at $450.34.

Solana (SOL) has denied any DDOS (Distributed Denial of Service) attack on its blockchain, and said that the reason why so many user transactions fail is the high usage of computer processing power; Which developers are looking for on a priority basis. It was down 3.43 percent to $138.89 as of 8.44 a.m.

The biggest gainer today was NinjaFloki (NJF), rising 1,774.28 percent at $0.0000628. The biggest loser was the FIA ​​Protocol (FIA), which fell 94.77 percent to $0.01952.

Meme and DeFi coins

The price of Dogecoin (DOGE) surprisingly increased by 0.96 percent at $0.1563. Its volume to market capitalization ratio is 0.04478.

Shares of competitor Shiba Inu rose 0.53 percent to $0.0002952. ELON is trading at a loss of 1.63 percent at $0.000001334, Floki Inu crashes 8.61 percent at $0.000007512 and Samoyed Coin (SAMO) is trading with a loss of 3.90 percent at $0.03099.

In the DeFi sector, YFI ( traded with a gain of 7.28 percent at $34836.66, Terra (LUNA) was down 2.07 percent at $70.14 and Avalanche (AVAX) was down 1.73 percent at $87.09, Uniswap ( UNI) is currently down 1.92 percent at $15.85, while Aave (AAVE) is up 5.71 percent at $220.37.

Latest updates

Mexican crypto exchange Bitso has signed a sponsorship deal with Brazilian soccer club Sao Paulo Futebol Clube (SPFC). Without revealing any financial details, Bitso Vice President of Marketing José Molina told Coindesk that the deal will also attempt to enable SPFC football fans to purchase tickets and official merchandise using cryptocurrency within the next six months.

Meanwhile, Peter Schiff, the world famous chief economist and strategist, warned in a post on Twitter that cryptocurrency traders should close their Bitcoin trades sooner rather than later because prices are now very volatile and could drop further.

Hong Kong police are investigating cryptocurrency exchange Coinsuper after several users complained that they have not been able to withdraw their funds held on the exchange for some time now, Coindesk reports.