Global Crypto Trading Volume Up Almost 44% But Prices Down

The global crypto trading volume spiked by 43.99 per cent to $102.63 billion as traders tried to take advantage of the low prices of almost all major cryptocurrencies. Despite a massive buying activity, the global crypto market cap is however down by 0.59 per cent at $1.96 trillion.

In another development, privacy focussed global chat messaging service company Signal is partnering with MobileCoin to enable its 40 million users (as of January 2021) to send and receive payments in MobileCoin crypto, reported Wired. The crypto exchanges that allow trading of this crypto are BitFinex and FTX. Josh Goldbard, Founder of MobileCoin, was quoted in the same report as saying, “There are over a hundred million devices on planet Earth right now that have the ability to turn on MobileCoin and send an end-to-end encrypted payment in five seconds or less”.

Meanwhile, investors of the world’s oldest crypto Bitcoin (BTC) almost panicked when the prices dropped to $40,000 for a brief moment. As of 8.55 am Coinmarketcap data showed Bitcoin trading with gains of 0.38 per cent at $42,115.77.

“Bitcoin briefly fell below $40,000 after the U.S. stock market losses deepened as investors gear up for action from the (US) Federal Reserve tightening (interest rates). With BTC’s two-month-long downtrend, the upside momentum has weakened, which suggests that sellers
could remain active around resistance levels,” says Gaurav Dahake, CEO, Bitbns.

Ethereum, however, was down by 1.38 per cent at $3,114.80. Cardano (ADA) was down by 0.85 per cent at $1.15. Algorand (ALGO), which is known as the Ethereum killer, was up by 2.50 per cent at $1.42; its market cap now stands at $9,205,972,130.

Among other major coins, Binance Coin (BNB) was down by 1.98 per cent at $430.36, while Solana (SOL) was down by 2.41 per cent at $136.87. Polkadot (DOT) was down by 2.63 per cent at $24.11.

Today’s top gainer was ETH Fan Token (EFT), which was up by 2,365.65 per cent at $0.000000003836. The top loser was Lympo Market Token (LMT), which fell by 92.03 per cent to $0.009453.

Meme Coins And DeFi

Dogecoin (DOGE) was down by 4.02 per cent at $0.1454. Its volume to market cap ratio stands at 0.04174. Rival Shiba Inu (SHIB) was down by 4.46 per cent at $0.00002708. Dogelon Mars (ELON) was trading with a loss of 4.89 per cent at $0.000001217.

Floki Inu is down by 10.78 per cent at $0.00006602, while Samoyed Coin (SAMO) is trading with a loss of 4.06 per cent at $0.03017.

In the DeFi segment, YFI (yearn.finance) was trading with a gain of 0.40 per cent at $32,346.15, Terra (LUNA) was down by 0.35 per cent at $72.66, Avalanche (AVAX) was down by 3.23 per cent at $85.96, Uniswap (UNI) was down by 0.98 per cent at $15.60, while Aave
(AAVE) was down by 2.77 per cent at $204.97.

Latest Updates

Associated Press, a 175-year-old news and media company, has partnered up with Xooa, a blockchain technology provider, to launch its non-fungible token (NFT) marketplace on the Polygon Blockchain. This marketplace will allow collectors and enthusiasts to purchase photos from the news company, reported Coindesk.

TP ICAP, the world’s largest investment inter-dealer has now started to offer their European clients exposure to various crypto-related ETFs, reported coindesk.