Monday, Sep 26, 2022
Outlook Money

Indian Banks Ask NPCI To Clarify Use Of UPI For Crypto Transactions; Bitcoin, Ethereum Fall

Top Indian banks have asked NPCI to clarify on using UPI for crypto payments. Meanwhile, most cryptocurrencies, including Bitcoin and Ethereum, registered a fall.

Cryptocurrency Bitcoin and Litecoin
Cryptocurrency Bitcoin and Litecoin

India's leading banks have asked the National Payments Corporation of India (NPCI) to clarify and issue a formal directive about the use of UPI in cryptocurrency payments, reported Economic Times. 

Click here to read more about UPI paymnets and crypto.

Meanwhile, Brian Armstrong, CEO, Coinbase, in a recent superstream podcast, has called Apple unfriendly towards cryptocurrencies. He also said that most people would not use a separate wallet specifically to hold cryptocurrencies unless it adds some other value. 

Click here to read more about different crypto wallets.

UPI- Unified Payment Interface
UPI- Unified Payment Interface

Cryptocurrency Prices

The global crypto market cap decreased by 2 per cent to $1.8 trillion at 8.50 am. However, the global crypto volume was up by 26.33 per cent to $68.37 billion, as per Coinmarketcap data. 

Bitcoin (BTC), the world's oldest cryptocurrency, was trading at $39,023.51, lower by 1.18 per cent in the last 24 hours. Ethereum (ETH) was also trading lower by 2.65 per cent at $2,859.72.

"Bitcoin and other major cryptos were roughly flat over the weekend. The market leader is evidently struggling to maintain current support levels and any momentum," said says Gaurav Dahake, CEO and founder, Bitbns.

Among other significant coins, Cardano (ADA) was down by 2.38 per cent at $0.8682, Algorand (ALGO) was trading with a loss of 3.12 per cent at $0.6887, Binance Coin (BNB) was down by 2.37 per cent at $393.90, Solana (SOL) was also trading with a loss of 3.6 per cent at $97.17, and Polkadot (DOT) was also down by 6.69 per cent at $17.73.

Today's top gainer was Bend DAO (BEND), which was up by 663.06 per cent at $0.06815. The top loser was ELON BUYS TWITTER (EBT), which was down by 99.29 per cent at $0.00000009685.

Shiba Inu (SHIB)
Shiba Inu (SHIB) Photo by Quantitatives on Unsplash

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 4.38 per cent at $0.1281. Its volume to market cap ratio stands at 0.03447. Rival Shiba Inu (SHIB) was down by 3.07 per cent at $0.00002341.

Dogelon Mars (ELON) lost 7.22 per cent to trade at $0.0000009957, Floki Inu (FLOKI) also lost 9.12 per cent at $0.00002243, and Samoyed Coin (SAMO) was down by 4.26 cent at $0.01731. 

In the Defi segment, YFI ( was down by 3.12 per cent at $18,000.84. Terra (LUNA) was trading with a loss of 2.04 per cent at $89.28, Avalanche (AVAX) lost 4.72 per cent at $70.00, Uniswap (UNI) was down by 6.01 per cent to trade at $8.46, and Aave (AAVE) fell 6.55 per cent to trade at $161.85.

Latest Updates

"Apple so far has not really played nice with crypto, they have actually banned a bunch of features that we would like to have in the app, but they just won't allow it - so there are potential antitrust issues there," said Armstrong, reported Business Standard.

In other news, the fourth largest bank in Germany, Commerzbank, has applied for a licence to BaFin in order to offer digital assets like crypto, NFT and other custody and exchange services to institutional clients, as per various media sources.