Wednesday, Dec 07, 2022
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Europe Starts Investigation Phase On CBDC, Says Christine Lagarde; Crypto Market Falls

Europe Starts Investigation Phase On CBDC, Says Christine Lagarde; Crypto Market Falls

EU is expected to present the CBDC legislation by 2023 in the European Union Parliament. Meanwhile Prices of Bitcoin, Ethereum, Solana, Cardano losses as of 8.39am, as per coinmarketcap data.

Bitcoin
Bitcoin

Christine Lagarde, President of the European Central Bank, announced on Twitter that they are starting the investigation and additional research process regarding CBDC (Central Bank Digital Currency). “In the digital age people and firms should continue to have access to the safest form of money – central bank money,” Lagarde said. Read here to know about India’s budget announcement regarding CBDC.

Meanwhile, the global crypto market remained subdued due to the lack of any significant momentum. The crypto market cap fell by 2.11 per cent at $1.86 trillion. The crypto trading volume too fell by 9.22 per cent at $62.4 billion, at 8.39 am as per Coinmarketcap data.

The world’s oldest cryptocurrency, Bitcoin (BTC) saw its prices decline by 0.73 per cent at $41,818.75 at 8.39 am.

“Bitcoin has witnessed retracement over the weekend, currently trading slightly above $41,000, a result of inflationary pressure and geopolitical controversies. The past week faced sharp rises and drops in the crypto market, with the market in red at the moment. The market leaders have to be resilient, by holding current support levels, the future remains unpredictable,” says Gaurav Dahake, CEO and founder, Bitbns.

Ethereum (ETH) the second-largest cryptocurrency by market capitalisation, saw its price decline by 2.05 per cent at $2,859.33.

Among other major coins, Cardano (ADA) was down by 3.24 per cent at $1.03, Algorand (ALGO), which is known as the Ethereum killer, was down by 4.31 per cent at $0.8817; its market cap was at $5,837,850,429. Binance Coin (BNB) was down by 2.55 per cent at $393.07, while Solana (SOL) fell 4.09 per cent at $92.06 and Polkadot (DOT) by 3.2 per cent at $18.22.

Today’s top gainer was Bored Floki Yacht Club (BFYC), which is up by 112.18 per cent at $0.00005998. The top loser was MetaPay (METAPAY), which is down by 98.25 per cent at $0.000001681.

Meme Coins And DeFi

Dogecoin (DOGE) was up by 0.66 per cent at $0.1454. Its volume to market cap ratio stands at 0.09416. Rival Shiba Inu (SHIB) was also up by 1.17 per cent at $0.00002927.

Dogelon Mars (ELON) was trading with a loss of 2.18 per cent at $0.0000009384. Floki Inu (FLOKI) was down by 3.18 per cent at $0.00003809, while Samoyed Coin (SAMO) declined by 6.06 per cent at $0.02356.

In the DeFi segment, YFI (yearn.finance) was trading with a loss of 2.36 per cent at $22,691.20. While Terra (LUNA) was down by 1.3 per cent at $52.33, Avalanche (AVAX) was up by 6.23 per cent at $77.41. Uniswap (UNI) fell 4.05 per cent at $10.26, while Aave (AAVE) declined by 3.72 per cent at $156.19.

Latest Update

A few days back Mairead McGuinness, EU Commissioner for Financial Services, mentioned introducing a digital currency bill in the European Parliament to deal with the official Euro CBDC regulations. She was quoted as saying, “Our goal is to table legislation in early 2023 with a targeted legislative consultation in the coming weeks,” reported Politico.

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