Tuesday, Jul 05, 2022
Outlook Money

Ethereum Co-Founder Cautions on Crypto Investors, Bitcoin Rises

The price of Bitcoin rose by 0.58 per cent in the last 24 hours, while Ethereum was down by 1.05 per cent.

After a crypto market collapse that wiped off more than $800 billion in value, Ethereum co-founder Gavin Wood has recommended cryptocurrency investors to be more conscious of what is underlying their holdings.

Gavin Wood, the co-founder of Ethereum, has advised cryptocurrency investors to be more aware of what is backing their holdings, after a crypto market rout that wiped off more than $800 billion off their value,. Reuters reported. 

"I would hope that people pay more attention to what is behind the currency name when they get involved in a community, ecosystem, or economy," Wood told Reuters on the sidelines of the World Economic Forum (WEF) in the Swiss Alpine resort of Davos.

"The Internet  internet has no real concept of legality, because legality is something that is determined by sovereign nations," Wood added. 

In other newsFuthermore, Meta has launched updated 3D Avatars for Facebook and Messenger in India. The new Avatars Meta is adding new facial shapes and assistive devices for people with disabilities, according to various media reports. 

For the first time, 3D Avatars are rolling out onto Facebook and Messenger, and for the first time on, Instagram Stories and DMs, too. According to the company, people in India can show up as their virtual selves across apps via stickers, feed posts, Facebook profile pictures, and more. This also marks the first time these Avatars will be available on Instagram.

Elsewhere, Ukraine, which has been involved in a war with Russia for , thrashed by three months now, of the war, plans to continue to tap crypto investors to help raise funds after a plunge in prices decimated the country’s fundraising efforts in May., Reuters reported. 

Crypto Prices

The price of Bitcoin in the cryptocurrency market rose by 0.58 per cent in the last 24 hours, and it was trading at $29,447.63 at 5:15 pm IST. According to Coinmarketcap.com, its dominance in the crypto market is currently at 44.76 per cent, up by 0.39 per cent in the last 24 hours.

In the last 24 hours, Ethereum (ETH) was trading at $1,949.18, down by 1.05 per cent, while Binance Coin (BNB) increased by 0.68 per cent during the same time period, and was trading at $325.61. Solana (SOL) was down by 3.24 per cent to $47.80, while Cardano (ADA) was down by 1.05 per cent to $0.5097. 

Meme Coins

Dogecoin was trading at $0.08244 on Coinmarketcap.com at 5:15 p.m. IST and was down by 1.08 per cent. Its rival, Shiba Inu, was down by 1.63 per cent, and was trading at $0.00001155. Samoyedcoin was down by 0.62 per cent, and it was trading at $0.005744, while Dogelon Mars was down by 0.78 per cent, and it was trading at $0.0000004791.

Overall Scenario

According to Coinmarketcap.com, the global crypto market cap was at $1.25 trillion, a decrease of 0.27 per cent in the last 24 hours, while the total crypto market volume was $74.88 billion, a decrease of 6.81 per cent.

Diamond Love (LOVE) was the biggest gainer, gaining 1,794.39 per cent. It was trading at $0.000014 at 5:15 pm IST, according to Coinmarketcap. In contrast, SwinCoin(SWIN) witnessed the maximum loss and fell by 95.80 per cent. It was trading at $0.00004274.