Doge Up 7% On Tesla News; Swiss National Bank Says CBDC Experiment Successful

The global crypto market failed to hold the upward momentum it maintained for two straight days. Coinmarketcap data at 8.29 am showed that the global crypto market cap was down by 1.9 per cent at $2.03 trillion. However, trading volume increased by 1.88 per cent at $101.80 billion, which might indicate that some crypto traders are booking their short-term profits.

The Swiss National Bank announced in a press release on Thursday that it has successfully concluded the experiment on CBDC (central bank digital currency) transactions which were conducted at the end of Q4 2021 between them and five other banks. The five other banks which were part of this experiment were: Citi, Credit Suisse, Goldman Sachs, Hypothekarbank Lenzburg, and UBS. The experiment was a success and did not result in any financial loss to the participants. Read more about India’s possible take on CBDC here.

The world’s oldest cryptocurrency Bitcoin (BTC) was down by 1.98 per cent at $42,734.29. The fight still goes on, as is evident from the trading volume data, which is up by 1.5 per cent at $44,849,596,023.

“Bitcoin dropped after the recent gains, lurking around $42,000, after rumours of a potential ban of cryptocurrencies in Pakistan. The market is at peak fear, especially regarding the US monetary policy. This underlying anxiety will most likely bring about price volatility in the near future,” says Gaurav Dahake, CEO, Bitbns.

The fight still goes on for its closest rival Ethereum (ETH) too. It was down by 1.83 per cent at $3,273.10. Its volume to market cap ratio was 0.03941.

Cardano (ADA) is down by 4.91 per cent at $1.25. Algorand (ALGO), which is known as the Ethereum killer, is down by 5.01 per cent at $1.37; its market cap now stands at $8,881,827,178

Among other major coins, Binance Coin (BNB) is up by 0.31 per cent at $479.59, while Solana (SOL) is down by 1.35 per cent at $147.49. Polkadot (DOT) is up by 3.22 per cent at $27.56.

Today’s top gainer was Gomics (GOM), which was up by 2169.84 per cent at $0.04114. The top loser was Fesschain (FESS), which saw its entire value erode by 100 per cent.

Meme Coins And DeFi

The Doge has stolen the show, literally. Dogecoin (DOGE) is up by a massive 7.05 per cent at $0.1767 amid bearish market sentiments. Its volume to market cap ratio stands at 0.1147. A Twitter user found out the source code of Tesla’s website showing that they are actively testing the payment by DOGE option for merchandise purchases. This may have been the news to which investors are reacting, which may be pushing its prices higher.

Rival Shiba Inu (SHIB) is down by 5.87 per cent at $0.00002995. ELON is trading with a loss of 6.41 per cent at $0.000001275, Floki Inu is also down by 3.68 per cent at $0.00007069, while Samoyed Coin (SAMO) crashed by 15.40 per cent at $0.02594.

In the DeFi segment, YFI (yearn.finance) was trading with a loss of 3.85 per cent at $31,981.89, Terra (LUNA) was down by 1.32 per cent at $79.15, Avalanche (AVAX) was up by 4.06 per cent at $89.73, Uniswap (UNI) was currently down by 1.34 per cent at $15.72, while Aave (AAVE) was down by 1.96 per cent at $210.21.

Latest Updates

Ahead of the Indian Budget 2022, there has been speculation going around in the community regarding the taxman (IT Department) looking to tax the gains made by employees of various cryptocurrency exchanges, many of whom have paid a part of their remuneration in the form of crypto tokens, reported Economic Times.

Meanwhile, Garry Kasparov, the Russian chess grandmaster, believes that cryptocurrency is the future of world development. He was quoted as saying, “I believe that you’re protected by the limited number of codes behind a respective cryptocurrency,” Coindesk reported.