Shiba Inu Scales 14%, Cardano Up 10%; Hong Kong May Regulate Cryptos By July

The crypto market is showing good signs of recovery after a few bad weeks. As of 8.22 am coinmarketcap data showed that crypto trading volume jumped by 12.61 per cent to $99.49 billion and its market cap now stands at $2.07 trillion which is a 3.41 per cent increase over the last 24 hours.

Meanwhile, Hong Kong’s Monetary Authority (HKMA) announced its plan to regulate the crypto industry latest by July this year. However, the regulation will be regarding three aspects of the crypto industry. According to the draft paper consultation, HKMA wants to study how crypto stablecoins can help in payments processing and how authorized institutions deal with such digital assets while also protecting the investors of such assets. HKMA Chief Executive Eddie Yue was quoted by Bloomberg after being asked on his approach towards the crypto industry, as saying “same risk, same regulation,” he said.

The world’s oldest crypto, Bitcoin (BTC) saw its trading jump by 70.75 per cent at $43,498,874,164. Its prices as of 8.22 am were up by 2.53 per cent at $43,647.79.

“Bitcoin has surged beyond $43,000, the highest this week, suggesting a recovery from its 30% downtrend. Upside appears to be limited around the $45,000-$48,000 resistance zone. Weekly and monthly charts momentum signals continue to be negative, which suggests the price rise could be limited, as of now,” says Gaurav Dahake, CEO, Bitbns.

 Ethereum (ETH) was also up by 2.99 per cent at $3,340.77. Its volume to market cap ratio stands at 0.04211.

Cardano (ADA) witnessed a massive gain in its prices as it moved up by 9.99 per cent at $1.31. Algorand (ALGO), which is known as the Ethereum killer, is up by 0.11 per cent at $1.45; its market cap now stands at $9,315,824,450. Among other major coins, Binance Coin (BNB) is up by 4.04 per cent to $480.91. Solana (SOL) is up by 5.62 per cent at $148.98.

Today’s top gainer was PAPPAY (PAPPAY), up by 900.05 per cent at $0.000007002. The top loser is AkoyaLegends (AKY), falling 99.90 per cent to $0.00001929.

Meme Coins And DeFi

Dogecoin (DOGE) is up by 8.67 per cent at $0.1658. Its volume to market cap ratio stands at 0.04666.

Rival Shiba Inu is up by a massive 14.58 per cent at $0.00003175. ELON is trading with a big gain of 12.09 per cent at $0.000001364, Floki Inu is up by 8.01 per cent at $0.00007416, while Samoyed Coin (SAMO) is trading with a gain of 3.63 per cent at $0.03078.

In the DeFi segment, YFI (yearn.finance) is trading with a gain of 0.63 per cent at $33,326.56, Terra (LUNA) is up by 10.11 per cent at $80.07, Avalanche (AVAX) is up by 7.20 per cent at $95.82, Uniswap (UNI) is however down by 1.40 per cent at $15.90, while Aave (AAVE) is also down by 1.89 per cent at $214.34.

Latest Update

Cointelegraph reported that The Republic of Palau, an island country in the Pacific Ocean, has partnered up with Cryptic Labs, a blockchain development firm to offer a unique digital residency program called Root Name System (RNS) for anyone to use.

According to a report by Crypto Audit firm CertiK, hackers have exploited various centralized DeFi loopholes and stole an estimated $1.3 billion from various investors throughout 2021, NDTV Gadgets reported.