Bitcoin, SHIB Under Pressure; PM Narendra Modi Calls For Collective Action On Cryptos

Prices of almost all major cryptocurrencies, including Bitcoin (BTC), Binance Coin (BNB), Dogecoin (DOGE) and Shiba Inu (SHIB), were trading with heavy losses on Tuesday at 8.44 am, according to Coinmarketcap data. The global crypto market cap was down by 2.25 per cent at $2.02 trillion, while the crypto trading volume surged by 19.93 per cent at $76.99.

Speaking at the 2022 World Economic Forum's annual Davos virtual conference on Monday, Prime Minister Narendra Modi talked about how different nations of the world should come together and collectively solve the rapidly growing cryptocurrency issue.

Meanwhile, Jamaica, an island nation in the Caribbeans, has decided to launch its first of a kind CBDC (Central Bank Digital Currency) product in the first quarter of 2022. According to a press release, the Bank of Jamaica first began testing the concept of CBDC in March 2021 with Ireland-based cryptocurrency company eCurrency Mint. Together with eCurrency Mint, National Commercial Bank, and other cryptocurrency service providers, they have successfully conducted an eight-month-long pilot testing of the CBDC on whether the Jamaican financial system can support this new technology or not. This pilot testing ended successfully on December 31, 2021. Read more about India’s possible take on CBDCs here.

Prices of Bitcoin remained under pressure as uncertainty looms over the future of cryptocurrencies. It is currently trading with a loss of 1.44 per cent at $42,207.81.

“Bitcoin retraced from yesterday's support level and is currently trading at $42,278. Following this pattern, majority of the altcoins sagged as well,” says Gaurav Dahake, CEO, Bitbns.

Ethereum was up by 3.38 per cent at $3,195.55. Its volume to market cap ratio stood at 0.03258, at 8.44 am as per coinmarketcap data.

SundaeSwap will be the first DeFi exchange to launch on the Cardano (ADA) Blockchain. Investors welcomed this move and, hence, continued to buy ADA ahead of the formal launch on Thursday. At 8.44am, it is up by 8.59 per cent at $1.60. Read more about DeFi here.

Algorand (ALGO), which is known as the Ethereum killer, is down by 4.08 per cent at $1.34; its market cap now stands at $8,650,434,100.

Among other major coins, Binance Coin (BNB) is down by 3.02 per cent at $473.31, while Solana (SOL) is down by 2.94 per cent at $139.30. Polkadot (DOT) is up by 4.35 per cent at $25.50.

Today’s top gainer was Squidanomics (SQUID), which was up by 638.92 per cent at $0.000000008356. The top loser was BitTorrent (BTT), which was down by 97.63 per cent at $0.00006375.

Meme Coins And DeFi

Dogecoin (DOGE) is down by 1.36 per cent at $0.1688. Its volume to market cap ratio stands at 0.04773. Rival Shiba Inu (SHIB) is also down by 2.14 per cent at $0.00002886.

ELON is trading with a gain of 0.07 per cent at $0.000001255, Floki Inu is up by 0.12 per cent at $0.00007013, while Samoyed Coin (SAMO) crashed by 16.40 per cent at $0.00005787.

In the DeFi segment, YFI (yearn.finance) was trading with a loss of 2.16 per cent at $31,615.02, Terra (LUNA) was up by 8.41 per cent at $77.03, Avalanche (AVAX) was also down by 4.22 per cent at $86.42, Uniswap (UNI) was down by 3.12 per cent at $16.76, while Aave (AAVE) was down by 1.80 per cent at $229.39.

Latest Updates

Speaking at the 2022 World Economic Forum's annual Davos virtual conference on Monday, Prime Minister Narendra Modi talked about how different nations of the world should come together and collectively solve the rapidly growing cryptocurrency issue. He was quoted as saying in a report by coindesk, “The kind of technology cryptocurrency is associated with makes decisions taken by one country inadequate to meet the challenges posed by cryptocurrency. We have to have common thinking.”

Meanwhile, the world’s largest crypto exchange by volume, Binance announced yesterday that it has partnered with Thailand’s Gulf Energy Development Public Company Limited to set up a licensed crypto exchange operation in the country, reported FX Empire. Binance’s spokesperson was quoted as saying, “Our goal is to work with government, regulators and innovative companies to develop the crypto and blockchain ecosystem in Thailand.”