Markets In Red As Ethereum, Solana, Cardano Fall

The global cryptocurrency market capitalisation rose by 0.50 percent over the last 24 hours to $1.63 trillion, while the trading volume over the same period rose substantially by 53.02% percent to $128.16 billion.

While decentralised finance (DeFi) accounted for 14.23 percent of the total 24-hour crypto trading volume at $18.24 billion, stablecoins made up 81.59 percent at $104.56 billion. Bitcoin’s market dominance surged 0.94 percent to 42.06 percent and was trading at $36,305.96 today morning.

In rupee terms, Bitcoin rose 1.43 percent to trade at Rs 29,52,415 while Ethereum declined 2.65 percent to Rs 1,95,952.1.

Cardano tumbled 3.8 percent to Rs 85.02 and Avalanche rose 1.59 percent to Rs 5,164.47. Polkadot dipped 0.25 percent to Rs 1,463.62 and Litecoin declined 1.24 percent to Rs 8,767.73 over the last 24 hours. Tether fell 1.36 percent to Rs 81.4.

Memecoin SHIB declined 6.88 percent, while Dogecoin decreased 2.52 percent to trade at Rs 11.08. Terra (LUNA) fell 5.15 percent to Rs 5,201.

In 2019, a Delhi-based businessman had registered a police complaint that he had been defrauded of his cryptocurrencies worth Rs 30 lakh.

Now, the Delhi police has revealed the scammers had sent the money to accounts of the militant wing of Hamas, a Palestine-based Sunni-Islamic fundamentalist and nationalist organisation.

According to the police, the details of the aggrieved’s wallet and other addresses had been uploaded to the Darknet. Those cryptos — 6.7 Bitcoins, 9.79 Ethereum and 2.44 Bitcoin cash — are currently valued at around Rs 4.5 crore.

Meanwhile, following in the footsteps of blockchain’s core developers, the Ethereum Foundation today announced that the term “Ethereum 2.0” is being retired in favour of the “consensus layer”. Henceforth, Eth2 will be known as the “consensus layer” and Eth1 as the “execution layer”.

Whereas the execution layer is where all the smart contracts and network rules reside, the consensus layer makes sure all the devices contributing to the network are acting in line with the rules—and penalising those that don’t. The rebranding reflects the fact that Ethereum 2.0 is really more of a network upgrade rather than a whole new network.

Separately, Bank of America mentioned that central bank digital currencies are “the inevitable evolution of today’s electronic currencies” and one in the US could be released as soon as 2025. The bank said that a central bank digital currency would differ from existing digital money available to the general public because it would be a liability of the Federal Reserve—and this would mean no credit or liquidity risk for the digital currency.

 

As of 8:30 am, these were the prices of various cryptocurrencies in the Indian market (Data from WazirX)