Funds Used For Crypto Transactions Under Scanner In Canada; Bitcoin, Dogecoin Rise

Justin Trudeau, Prime Minister of Canada, on Tuesday announced that his government is invoking the 1988 Emergencies Act, which gives him the power to freeze bank accounts and monitor "large and suspicious transactions” including funds used for crypto transactions, amid the widespread truckers' protest, called the ‘Freedom Convoy', according to various media reports. 

As part of the Act, crowdfunding platforms and payment services providers, which include crypto exchanges and other crypto financing platforms, must now register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

In India, crypto exchange CoinDCX announced on Tuesday that it has selected crypto-native risk monitoring firm Solidus Labs as a compliance partner to protect users from market abuse and emerging crypto-specific risks.

In the cryptocurrency market, the price of Bitcoin (BTC) was up by 4.24 per cent. The cryptocurrency was trading at $44,279.54 at 5:15 pm. Its dominance in the crypto market is currently at 40.98 per cent, down by 1.72 per cent in the last 24 hours, according to Coinmarketcap.com. 

Ethereum (ETH) was trading at $3,101.37, with a rise of 7.20 per cent in the last 24 hours, while Binance Coin (BNB) was up by 8.04 per cent over the same period and was trading at $429.14. Solana (SOL) was up by 10.21 per cent to $102.88 and Cardano (ADA) was up by 5.79 per cent to $1.09.

Meme Coins  

Among leading meme coins, Dogecoin was up by 4.08 per cent, and was trading at $0.1504 at 5:15 pm. Rival Shiba Inu was up by 5.01 per cent and was trading at $0.00003145. Dogelon Mars was up by 7.79 per cent and was trading at $0.000001009, while Samoyedcoin was trading at $0.02385, recording a rise of 3.96 per cent. 

Overall Scenario  

The global crypto market cap was at $1.74 trillion, registering a decrease of 7.40 per cent in the last 24 hours, while the total crypto market volume was $62.28 billion, down by 5.98 per cent.  

onLEXpa (onLEXpa) became the biggest gainer, recording a rise of 1806.12 per cent. It was trading at $0.003743 at 5:15 pm, as per Coinmarketcap data. In contrast, SORA Synthetic USD (XSTUSD) witnessed the maximum loss, falling 96.89 per cent. According to Coinmarketcap, it was trading at $0.03528.