Bitcoin Gains Marginally; Mexican Central Bank Says It May Have CBDCs Used Widely by 2024

The bulls have managed to hold down the wrath of the bears in the overall cryptocurrency market, at least in the near term. The global crypto market cap was $2.20 trillion, up by 1.19 per cent, but the trading volume decreased by 8.83 per cent to $87.40 billion on December 31, suggesting that there might be some bargain buying activity happening in this weak market, showed coinmarketcap data at 8.28 am.

The Mexican government announced on Twitter that central bank Banco de México has said that the country can have its own Central Bank Digital Currency (CBDC) in wide public circulation by 2024. The government was quoted as saying, “The @Banxico reports that by 2024, it will have its own digital currency in circulation.”

Recently, the third-richest person in Mexico, Ricardo Salinas Pliego also urged his followers to buy Bitcoins instead of fiat currency. Yahoo Finance quoted him as saying, “Steer clear of fiat money. Whether it’s the Dollar, the Euro, or the Yen –it’s all the same.” 

The trading volume in the world’s oldest crypto, Bitcoin (BTC) has surged by 14.68 per cent to $36,126,580,403. Prices, however, didn’t show a lot of enthusiasm and were trading with a moderate gain of 0.74 per cent at $47,045.21. Rival Ethereum (ETH) was up by 1.66 per cent at $3,716.96. Its trading volume to market cap ratio was 0.02728.

“Bitcoin is hovering around $47,000 with low-volume spot trading across the globe. As the year is coming to an end, fluctuations in the market may not be significant. The charts are showing bullish signals for the market leader, but the momentum remains unpredictable,” says Gaurav Dahake, CEO and co-founder, Bitbns.

Cardano (ADA) was up by 1.79 per cent at $1.34, while Algorand, which is known as the Ethereum killer, was up by 6.52 per cent at $1.67; its market cap now stands at $10,611,961,496.

Among other major coins, Binance Coin (BNB) was marginally down by 0.72 per cent at $511.54, while Solana (SOL) was up by 0.42 per cent at $171.25.

Today’s top gainer was TOKOK (TOK), which was up by 808.36 per cent at $0.05499. The top loser was Degenerator Meme (MEME), which crashed by 100 per cent to $0.006148.

Meme Coins And DeFi

Dogecoin (DOGE) was trading with a loss of 0.61 per cent at $0.1707, while rival Shiba Inu (SHIB) was up by 1.84 per cent at $0.00003404, showed coinmarketcap data.

ELON is trading with a gain of 3.18 per cent at $0.000001466. Floki Inu was up by 6.84 per cent at $0.0001026, while Samoyed Coin (SAMO) is trading with a loss of 0.90 per cent at $0.03765.

In the DeFi segment, YFI (yearn.finance) was trading with a gain of 6.72 per cent at $30,140.68. Terra (LUNA) was up by 5.94 per cent at $86.25, Avalanche (AVAX) gained 2.73 per cent at $101.82 and

Uniswap (UNI) added 6.37per cent at $17.89.

Latest Updates

The world’s largest crypto exchange by volume, Binance has committed to a 100 million Euro investment in France for setting up a research and development office. David Princay, Binance's French GM, in a recent interaction with CNBC was quoted as saying, “Having an R&D center is one step that we need to go for our next evolution.”

Cardano blockchain’s founder Charles Hoskinson, in a recent Christmas video, expressed his desire to make DeFi accessible to people living in Africa. He was quoted as saying, “We’ve completely circumvented the banking system in Africa which is at times tremendously predatory and enables some of the worst people alive to stay in power,” reported Investing.com.