Bitcoin price today: Top cryptocurrency prices today: Bitcoin, Ethereum erase gains; Cardano drops 5%

New Delhi: After a short pause, the downtrend in the cryptocurrency market resumed with Bitcoin erasing the previous day’s gains. Altcoins, as always, followed the numero uno symbol.

The recent decline in US technology stocks affected the sentiment of traders. Fears of a rate hike spooked the market once again while some major international events added to the problems.

With the exception of USD Coin and Polkadot, which are pegged to the US dollar, all eight other top-10 digital coins traded lower during early trading on Friday. Cardano fell more than 5 percent. Bitcoin and Ethereum led the way south.

The global cryptocurrency market cap fell by 2 percent to $2.03 trillion compared to the previous day. The total crypto market size increased by only a percentage to $101.84 billion.

What is cooking in India?
Asia’s first crypto-trading fund (ETF) could be launched in GIFT, India this year. This development comes after the US Securities and Exchange Commission (SEC) in October 2021 authorized the launch of a crypto-futures ETF, the first of its kind in the US.

Torus Kling Blockchain IFSC, a joint venture between Mumbai-based Cosmea Financial Holdings and Hyderabad-based Kling Trading India, has signed a Memorandum of Understanding with the international arm of BSE India INX to launch digital asset-based products, which will be traded at the IFSC in GIFT City.

Global Updates
A panel of the Central Bank of Pakistan has recommended a complete ban on cryptocurrency and other related activities in the country, according to a media report, days after a Supreme Court ordered an investigation into a $100 million digital currency fraud.

After the scam became public, the Sindh High Court (SHC) directed the State Bank of Pakistan (SBP) to form a committee of the Deputy Governor of the Bank to investigate the fraud.

In other news, major cryptocurrency exchange Coinbase said it is buying crypto futures exchange FairX as part of a move to offer crypto-derivatives to US traders.

FairX, launched last year, is the operating name of LMX Laboratories. It sells futures products and is regulated by the US Commodity Futures Trading Commission (CFTC).

take the experts
Edul Patel, CEO and co-founder of Mudrex, said that the cryptocurrency market is likely to end the week on a slow note after it has been in consolidation mode for the past 24 hours.

“Most cryptocurrencies are down slightly, with Bitcoin’s dominance dropping below 40%. Among the top 20 cryptocurrencies, Dogecoin and Near Protocol have shown modest gains.”

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