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CoinSwitch Suspends Crypto Payment Methods; Shiba Inu Up 20%, Global Market Rises 2%

CoinSwitch pauses all its payment methods, including UPI, NEFT and IMPS in its app. Shiba Inu rallies 20 per cent, while global crypto market is up 2 per cent.

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Shiba Inu (SHIB) Photo by Quantitatives on Unsplash

Indian crypto exchange CoinSwitch has reportedly paused all payment methods, including Unified Payments Interface (UPI), NEFT and IMPS, in its app. As a result, most of its users will be unable to buy new cryptocurrencies in the near future.

Click here to read more about what NPCI said about UPI in crypto payments.

In other news, Mwigulu Nchemba, Finance and Planning Minister, Tanzania, said in a regional conference hosted by the Bank of Tanzania and International Monetary Fund (IMF) that the issue of central bank digital currency (CBDC) and cryptocurrencies needs to be thoroughly discussed. 

Meanwhile, Coinbase has reportedly produced a Hollywood movie about the famous bored ape NFT.

Cryptocurrency Prices

The global crypto market cap increased by 2.21 per cent to $1.87 trillion at 8.50 am. However, the global crypto volume was down by 8.71 per cent to $92.46 billion, as per Coinmarketcap data. 

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $40,087.55, higher by 1.36 per cent in the last 24 hours. Ethereum (ETH) was also trading higher by 2.53 per cent at $3,044.59.

"Bitcoin's volatility slowed down and the market is in the process of stabilizing. Altcoins are back to green and popular meme coin SHIB has rebound by 19.6% in the last 24 hours," says Gaurav Dahake, CEO and founder, Bitbns.

Among other major coins, Cardano (ADA) was up by 2.52 per cent at $0.953, Algorand (ALGO) was trading with a gain of 4.82 per cent at $0.728, Binance Coin (BNB) was up by 5.89 per cent at $419.21, Solana (SOL) was trading with a gain of 4.51 per cent at $103.77 and Polkadot (DOT) was also up by 3.35 per cent at $17.88.

Today’s top gainer was onLEXpa (onLEXpa), which was up by 665.36 per cent at $0.0002029. The top loser was SafeDogecoin

(SAFEDOGE), which was down by 98.69 per cent at $0.000009286.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was up by 4.28 per cent at $0.1407. Its volume to market cap ratio stands at 0.0693. Rival Shiba Inu (SHIB) was up by a massive 19.96 per cent at $0.00002651.

Dogelon Mars (ELON) gained 1.51 per cent to trade at $0.0000008094, Floki Inu (FLOKI) was also up by 6.78 per cent at $0.00003097, and Samoyed Coin (SAMO) by 1.43 per cent at $0.01812. 

In the DeFi segment, YFI (yearn.finance) was trading with a gain of 1.53 per cent at $18,977.52. Terra (LUNA) was up by 4.52 per cent to trade at $85.7, Avalanche (AVAX) gained 3.43 per cent at $77.62, Uniswap (UNI) by 3.97 per cent to trade at $9.43 and Aave (AAVE) by 5.68 per cent to trade at $167.20.


Latest Updates

Coinbase will reportedly come up with a series of three films on NFT, with the first one releasing as early as June this year. “You can think of this as a love letter to the NFT tech that has provided so much creative liberation for artists. We really look at Bored Apes as sort of our North Star in the NFT space. They've created such a massive and engaging community,” said William Swann entertainment and culture marketing director, Coinbase, in an interview with Coindesk.

Tanzania’s Nchemba said, “The Bank of Tanzania is finalising preparations of a business case for the establishment of a CBDC in Tanzania and evaluation of crypto assets after recording significant progress in formalising digital financial services. Banks in Tanzania have developed solutions to integrate informal small businesses and saving groups to the formal banking system through digital platforms. These innovations will demand reforms in legal and institutional structures to enable requisite governance,” reported Theeastafrican.

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