On a day when Dogecoin (DOGE) got a leg up from Elon Musk's tweet, the global crypto market made a decent recovery. While the global crypto trading volume declined by 33.70 per cent at $84.4 billion, the crypto market cap increased by 2.38 per cent at $1.67 trillion, as per Coinmarketcap data.
Meanwhile Ivan Chebeskov, a director within the Ministry of Finance in Russia said that the country wishes to regulate crypto and not fully ban it. This statement comes at a time when the Central Bank of Russia told the Russian government recently that they are in favor of fully banning trading and related activities in crypto. In a report by Cointelegraph, Ivan Chebeskov was quoted as saying, “The Ministry of Finance is actively involved in the development of legislative initiatives in terms of regulating this crypto market.”
While Bitcoin (BTC) continues to slide downwards these past few days, some big investors seem to be accumulating it on every dip. An anonymous investor has reportedly bought $18 million worth of Bitcoin (BTC) during this crash period, reported Cryptopotato.
Prices of Bitcoin (BTC) were up by 2.35 per cent at $37,119.93 as of 8.52 am, Coinmarketcap data showed.
Ethereum (ETH) had recently rebranded its nomenclature from earlier ETH 1.0 and ETH 2.0 to execution layer and consensus layer respectively to prevent any confusion or scam. Prices of Ethereum (ETH) were up by 2.31 per cent at $2,462.86.
As promised, we are so excited to announce our first special surprise for the year #ShibArmy!— Shib (@Shibtoken) January 24, 2022
In 2022, we are reaching new heights and welcoming the #Shiberse 🌎. An immersive experience for our ecosystem and the Metaverse space!
We can't wait to show you more. Woof! 🐶 pic.twitter.com/tCRQ1m1RiT
Among other major coins, Cardano (ADA) was up by 0.24 per cent at $1.04. Algorand (ALGO), which is known as the Ethereum killer, was up by 2.36 per cent at $0.9271; its market cap is now at $6,093,162,018. Binance Coin (BNB) was up by 4.67 per cent at $379.49, while Solana (SOL) was up by 4.68 per cent at $94.25 and Polkadot (DOT) was up by 4.34 per cent to $18.66.
Today’s top gainer was NinjaFloki (NJF), which was up by 565.76 per cent at $0.000002932. The top loser was MetaFinance (MF1), which is down by 96.17 per cent at $7.11.
Meme Coins And DeFi
DOGE is up by 6.55 per cent at $0.1452. This price increase may be as a result of Elon Musk tweeting about McDonalds and how he will buy a meal there if they accept Dogecoin.
I will eat a happy meal on tv if @McDonalds accepts Dogecoin— Elon Musk (@elonmusk) January 25, 2022
Rival Shiba Inu (SHIB) is also up by 2.23 per cent at $0.00002121. SHIB announced on Twitter that they are going to launch their version of the metaverse world called ‘Shiberse’ soon.
Dogelon Mars (ELON) is trading with a gain of 4.18 per cent at $0.0000007873. Floki Inu (FLOKI), however, crashed by 31.74 per cent at $0.00003812, while Samoyed Coin (SAMO) was up by 30.11 per cent at $0.01772.
In the DeFi segment, YFI (yearn.finance) was trading with a gain of 2.43 per cent at $24,466.33. Terra (LUNA) was down by 4.43 per cent at $61.73, Avalanche (AVAX) was up by 7.98 per cent at $68.36, Uniswap (UNI) was down by 0.21 per cent at $10.68, while Aave (AAVE) was up by 0.69 per cent at $152.07.
Kavin Bharti Mittal, CEO and founder of messaging app Hike, has announced his plans to launch a metaverse version of their app called ‘Rush by Hike’. In an exclusive interview with Business Insider, he was quoted as saying, “We are releasing a white paper, it’s on track to be released next month.” He has however not provided any details regarding the blockchain that they will be using.