The global cryptocurrency market has shown some signs of recovery as the major cryptocurrency prices seem to have stabilized for the time being and most of them are trading with either little gains or marginal losses at 8.20am, according to Coinmarketcap data. The fact that trading volume fell 22.10 percent to $71.33 billion was a reassuring sign. The global cryptocurrency market cap is now $1.97 trillion, up 0.27 percent in the past 24 hours.
Meanwhile, the Reserve Bank of India (RBI) announced via an internal prospectus the creation of a dedicated FinTech division. The new division will attempt to promote innovations in the FinTech sector and solve its various challenges.
It is speculated that the department will be active in the cryptocurrency space in terms of framing regulations and Central Bank Digital Currency (CBDC). Coindesk quoted a source as saying, “You can expect further action from Ajay Kumar Choudhary (who will be overseeing the new department) towards the central bank digital currency. This could signal a shift from the RBI’s stance towards piloting a fast-tracked CBDC.”
The world’s oldest cryptocurrency Bitcoin (BTC) continues to be under pressure as bears attempt to break the key $40k support area. For now, it seems that the bulls have managed to hold out, but the question is for how long? As of 8.20 am, the price is down 0.16 percent at $4,1943.85.
“Bitcoin continues to remain in a two-month downtrend, with a series of lower price rallies. The RSI levels on the daily chart are the most oversold since December, although there is a downtrend for the price. However, on the chart Market Leader Weekly Chart, the RSI is not oversold yet, which means that the downtrend is likely to remain intact,” says Gaurav Dahaki, CEO of Bitbns.
Things are starting to change for Ethereum investors, who have seen its price rise 0.69 percent at $3,154.30. Cardano (ADA) is down 2.08 percent at $1.17. Algorand (ALGO), known as the Ethereum killer, is down 2.88 percent at $1.39; Its market value is now $8,949,658,180.
Among the other major coins, Binance Coin (BNB) was up 1.23 percent at $439.71, while Solana (SOL) was down 2.06 percent at $140.95. Polkadot (DOT) was up 1.81 percent at $24.72.
Today’s biggest gainer was NinjaFloki (NJF), rising 746.21 percent at $0.0000551. Surprisingly, this was the same crypto symbol that topped the charts on Saturday with gains of 1,774.28 percent. The biggest loser was Hatoken (HATOK), which fell 99.60 percent to $0.000000000003454.
Meme and DeFi coins
Dogecoin (DOGE) is down 0.75 percent at $0.1513. Its volume to market capitalization ratio is 0.01907.
Rival Shiba Inu (SHIB) stock rose 0.67 percent to $0.00002836. ELON is trading with a loss of 1.06 percent at $0.000001278, Floki Inu is trading up 7.20 percent at $0.000007437, while Samoyed Coin (SAMO) is trading with a gain of 0.75 percent at $0.03145.
In the DeFi sector, YFI (yearn.finance) was trading at a loss of 5.72 percent at $32,189.33, Terra (LUNA) was up 6.30 percent at $72.67, and Avalanche (AVAX) was up 3.72 percent at $88.86, Uniswap (UNI) ) is currently up 3.36 percent at $15.74, while Aave (AAVE) stock is down 2.77 percent at $207.76.
The Verge reports that BitMart, a crypto exchange registered under the Cayman Islands (MSB) Money Services Business, has failed to deliver on its promise to reimburse its users, who were affected by the $200 million hack that occurred in December. There are still many users who have not received their refund yet.
Meanwhile, the US Congress will hold an oversight hearing sometime in the coming weeks to hear how crypto mining is affecting the environment, according to a Coindesk report.