Tepid Markets As Bitcoin, Ethereum, Litecoin Fall

The global crypto market capitalisation tumbled 4.16 percent over the last 24 hours to $2.25 trillion while the trading volume rose 19.03 percent to $103.21 billion.

While DeFi ($19.05 billion) accounted for 18.46 percent of the trading volume, stablecoins ($81.57 billion) made up 79.03 percent of this volume. The market dominance of Bitcoin fell 0.02 percent to 40.16 percent on December 29 morning.

As for major cryptocurrencies, Bitcoin tumbled 3.26 percent to trade at Rs 38,41,485 while Ethereum (Rs 3,05,821.8) fell 3.68 percent. Cardano (Rs 112.98) fell 4.33 percent. Avalanche (Rs 8,676.33) dipped 3.6 percent, Polkadot (Rs 2,300) fell 3.17 percent, and Litecoin (Rs 11,833.26) decreased 4.16 percent over the last 24 hours. Tether rose 0.86 percent to trade at Rs 80

Memecoin SHIB fell 3.67 percent, while DOGE decreased 2.74 percent to trade at Rs 14.15. Bitcoin is trading at Rs 38,41,485, while LUNA fell around 6.33 percent to trade at Rs 6,950.

RBI expressed its desire to offer a basic central bank digital currency (CBDC) before implementing a more sophisticated version in its recent report. In their words, a central bank digital currency (CBDC) fundamentally provides “a safe, robust and convenient alternative to physical cash”.

However, SEBI chief Ajay Tyagi called on mutual fund firms to avoid investing in crypto assets until the country frames rules on digital tokens.

Billy Markus, the co-creator of the original meme coin Dogecoin revealed his precise Dogecoin holdings: 2,20,000 DOGE, roughly around $41,800. In the middle-east, cryptocurrency exchange Binance received in-principle approval from the Central Bank of Bahrain to operate in the kingdom.

In a bid to save power and avoid winter blackouts, Iran is reportedly banning authorised crypto banning until March 6, 2022. The move will free up 209 megawatts of power for use by the country’s households.

As of 8:01 am, these were the prices of various cryptocurrencies in the Indian market (Data from WazirX)