Bitcoin Continues To Fall; PayPal May Launch Own Stable Coin Backed By US Dollar

Crypto trading volume surged by 37.03 per cent to $139.93 billion, but the prices of major cryptocurrencies continued to plummet on Saturday. As of 8.44 am, the global crypto market cap was down by 2.90 per cent at $1.98 trillion, according to Coinmarketcap data.

Crypto liquidation is a process whereby brokers are forced to sell or buy depending on their clients’ long or short crypto positions to close the trade, due to lack of additional margin payment. So as traders seemingly tried to buy in the dip using leveraged trades, they diluted their capital further as crypto prices slid even more. This resulted in loss of over $182 million to them, of which $22 million was due to short positions, Coindesk reported.

Meanwhile, Bloomberg reported that PayPal, one of the world’s largest payment processors, may launch its own crypto stable coin which is to be backed by the US dollar. Jose Fernandez da Ponte, senior vice-president of crypto and digital currencies at PayPal, was quoted as saying, “We are exploring a stable coin; if and when we seek to move forward, we will, of course, work closely with relevant regulators.”

The world’s oldest cryptocurrency Bitcoin (BTC) saw its trading volume surge by a massive 162.64 per cent at $76,908,855,650, while its prices were down by 1.38 per cent at $41,759.24. This may have been due to forced liquidation by various crypto brokers and institutions. 

“Bitcoin continues to hover over a three-month low, tracking retracement in global equity markets. A breach of support levels for either Bitcoin or Ether will be crucial,” says Gaurav Dahake, CEO, Bitbns.

Ethereum (ETH) is down by 4.54 per cent at $3,211.17. Its volume to market cap ratio stands at 0.0639.

Cardano (ADA) is down by 2.76 per cent to $1.22. Algorand (ALGO), which is known as the Ethereum killer, is down by 3.83 per cent at $1.44; its market cap now stands at $9,281,552,866.

Among other major coins, Binance Coin (BNB) is down by 2.32 per cent at $450.34. 

Solana (SOL) has denied any DDOS (Distributed Denial of Service) attack on its blockchain and said the reason for a lot of users’ transactions failing was high computer processing power usage; which their developers are looking into on a priority basis. It was down by 3.43 per cent at $138.89 as of 8.44 am.

Today’s top gainer was NinjaFloki (NJF), which was up by 1,774.28 per cent at $0.0000628. The top loser was FIA Protocol (FIA), which fell by 94.77 per cent to $0.01952. 

Meme Coins And DeFi

Dogecoin (DOGE) is surprisingly up by 0.96 per cent at $0.1563. Its volume to market cap ratio stands at 0.04478.

Rival Shiba Inu is also up by 0.53 per cent at $0.00002952. ELON is trading with a loss of 1.63 per cent at $0.000001334, Floki Inu crashed by 8.61 per cent at $0.00007512, while Samoyed Coin (SAMO) is trading with a loss of 3.90 per cent at $0.03099.

In the DeFi segment, YFI (yearn.finance) was trading with a gain of 7.28 per cent at $34,836.66, Terra (LUNA) was down by 2.07 per cent at $70.14, Avalanche (AVAX) is down by 1.73 per cent at $87.09, Uniswap (UNI) is currently down by 1.92 per cent at $15.85, while Aave (AAVE) is up by 5.71 per cent at $220.37.

Latest Updates

Mexican crypto exchange Bitso signed a sponsorship deal with Brazilian football club São Paulo Futebol Clube (SPFC). Without disclosing any financial details, Bitso’s vice-president of marketing José Molina told Coindesk that this deal will also try to enable fans of the SPFC football club to purchase tickets and official merchandise using cryptocurrency within the next six months.

Meanwhile, Peter Schiff, renowned chief economist and global strategist, warned in a Twitter post that crypto traders should close their Bitcoin trades sooner rather than later as prices are very volatile now and can go down further.

Hong Kong Police is investigating crypto exchange Coinsuper's operations after several users complained of not being able to withdraw their funds held at the exchange for quite some time now, reported Coindesk.