The global crypto market managed to smartly recover from its lows and as of 9.08 am, most of the major cryptocurrencies were trading in the green. Coinmarketcap data showed that the global cryptocurrency market cap increased by 1.26 percent to $2.04 trillion. However, the trading volume decreased by 16.68 percent to $84.38 billion.
Meanwhile, US Congressman Tom Emyr of MN-06, Minnesota, announced on Wednesday that he has introduced a bill before the US Congress on banning the issuance of Central Bank Digital Currencies (CBDCs) directly to private citizens by the US Federal Reserve. He was quoted as saying, “Requiring users to open an account with the Federal Reserve to access a US central bank digital currency would put the Fed on a pernicious path akin to digital authoritarianism in China. This CBDC model would not be limited to centralizing Americans’ financial information, leaving them vulnerable attack, but could also be used as a monitoring tool that Americans should never tolerate from their government,” news.bitcoin reported. Read more about potential India on CBDC here.
The world’s oldest cryptocurrency Bitcoin (BTC) rose 0.81 percent to $43,078.68.
“Bitcoin continues to trade tightly around $43,000. Support levels near $40,000 remain intact, suggesting limited retracements in the short term. However, the upside could be limited to the $45,000-$47,000 resistance area of the market leader. DOGE was Rallying after Tesla announced it was accepting its flagship meme coin as payment for merchandise,” says Gaurav Dahake, CEO of Bitbns.
Ethereum stock rose 1.47% to $3,318.70. Its volume to market capitalization ratio was 0.03309, at 9.08 a.m. according to coinmarketcap data.
Cardano (ADA) was up 1.96 percent at $1.27. Algorand (ALGO), known as the Ethereum killer, was marginally higher by 0.01 percent at $1.38; Its market value is now $8,922,913,115.
Among other major coins, Binance Coin (BNB) was up 1.68 percent at $487.68, while Solana (SOL) fell 0.74 percent at $146.51. Polkadot (DOT) was up 0.24 percent at $27.48.
The biggest gainer today was Dogelana (DGLN), which rose by 298.53 percent at $0.0001038. The biggest loser was GLOW (GLOW), which fell 97.19 percent at $0.00000000008317.
Meme and DeFi coins
Dogecoin (DOGE) was up 7 percent at $0.1889. Its volume to market capitalization ratio is 0.2241. This price jump was the result of investors’ reaction to Tesla CEO Elon Musk’s announcement that they were accepting DOGE as a payment method for their merchandise sales.
Rival Shiba Inu (SHIB) stock was up 2.93 percent at $0.0003091. ELON is trading with a gain of 2.04 percent at $0.000001307, Floki Inu is also up 1.8 percent at $0.000007201, while Samoyed Coin (SAMO) is down 2.4 percent at $0.02537.
In the DeFi sector, YFI (yearn.finance) traded 0.67 percent down at $31838.76, Terra (LUNA) was up 2.09 percent at $80.74, Avalanche (AVAX) was up 1.59 percent at $91.25, Uniswap (UNI) It was up 1.74 percent at $15.96, while Aave (AAVE) stock was up 8.34 percent at $229.39.
Bitfinex, a cryptocurrency trading platform, has notified its users in the Canadian province of Ontario to close their accounts and withdraw all their funds by March 1, 2022. They have not provided any reason for this, coindesk reported.
Meanwhile, Crocs, the famous American manufacturer of foam clutches, has applied to the US Patent and Trademark Office (USPTO) for its non-fungible token (NFT). This NFT will contain most Crocs shoes and other related accessories.