The state of the present digital currency market is not at all unexpected. Cryptos which are considered as a highly volatile assets are bound to fluctuate. But what is unexpected is the crypto bans that are happening one after the other. Where is this taking the crypto space? On that note, let us have a look at the crypto weekly updates.
Top Crypto Weekly Updates At A Glance
Several cryptos rise while several others fall. Some nations ban the use of crypto while some are planning to bring regulations on its use. With all this rocky news this week in crypto space was an exciting one. Let us begin with the crypto weekly updates.
Crypto Prices Today: Bitcoin Declines 7%, Ethereum By 9%
The first crypto news today India is the decline in prices of some of the most popular cryptos. The global digital currency market cap decreased from $1.88 to $ 1.7 trillion during the past 24 hours while the trading volume increased from $66.35 to $126 billion. The decentralized finance (DeFi) market cap increased by 123.14% to $120.97 billion. Prices of stablecoins remained at $115 billion, depicting closely 7% of the market. Stablecoins are attached to an asset like the dollar or any other similar fiat currency or even gold for the purpose to stabilize their value. The market dominance of BTC stayed nearly flat at 40.51% and the asset was trading at $36,579 levels on Saturday (22.01.2022) morning. At the time of writing this Bitcoin price is $35,716.40.
Dogecoin Decreases To The Lowest Price In 9 Months As The Crypto Market Sinks
In a brutal day throughout the crypto space, which has decreased by nearly 13% in the past 24 hours, meme coin Dogecoin attained its lowest point in over nine months. It is down closely 9% in the past 24 hours to just above $0.14, as of this writing. DOGE has now decreased by 18% over the past 7 days, according to reports. In this crypto weekly updates, there is another news of crypto crash today.
Block, Paypal, Microstrategy Stocks Stumble Along With Crypto Rout
Entities that have made huge bets on crypto are now struggling. Microstrategy, which has more than $5 billion in BTC and is conducted by Bitcoin bull Michael Saylor, decreased nearly 3% on January 20. Payments company Block, which is conducted by Jack Dorsey and previously named Square, decreased by 0.44% by closing time on the day. The entity recently declared its aim to enter the Bitcoin mining fray.
Closely $1.5 Mn In Ether Still Missing From Multichain Crypto Hack
A white-hat hacker has come back 322 Ethereum nearly $900,000 after an exploit exhausted Multichain users of over $3 million worth of crypto this week. However, nearly $1.5 million worth of Ether is still at large. Multichain is a cross-chain router protocol that connects users between thirty varied blockchains including Ethereum, Bitcoin, and Terra.
Central Bank Of Russia Ban Crypto
Supporting its hostile regulatory ante against digital currency mining and trading in Russia, the central bank of the country on Thursday called for a blanket ban on cryptos, stating them as “volatile and widely used in illegal activities”, and also a threat to the financial stability of the nation, citizens’ prosperity and the sovereignty of the nation’s monetary policy.
The report titled,
“Cryptocurrencies: trends, risks, measures” observed that cryptocurrencies offer an outlet for people to take their money out of the national economy, thereby undermining it and making the regulator’s job of maintaining optimal monetary policies harder.”
This arrived weeks after the Central Bank of Russia stated its plans to get data from commercial banks with regards to several private money transfers, which also has details of clients who traded in crypto both in the country and outside the country.
The Bottom Line
The crypto market has been struggling for several days now and this week was not very sweet for this space. The trends were mostly down as Russia banned the use and mining of digital currency, Ethereum worth $3 million has been hacked, and the values of Dogecoin and Bitcoin have been consistently low. But still, crypto enthusiasts have hopes from this pace and they expect a quicker recovery. Hope this crypto weekly updates helped you in summing up this crypto week with live crypto news.