Tuesday, Aug 16, 2022
Outlook Money

Janet Yellen Acknowledges Cryptos' Increased Role In US Economy; Crypto Market Up

Janet Yellen, the U.S Treasury Secretary, acknowledges that cryptocurrencies are now playing an increasing role in the US financial economy and she is working towards regulating them.


In a recent interview with CNBC, Janet Yellen, the U.S. Treasury Secretary, acknowledged cryptocurrency’s increased role in the American financial economy. “There have been benefits from crypto, and we recognise that innovation in the payment system can be a healthy thing. We would like to come out with recommendations that will create a regulatory environment for innovation,” she said. Yellen added that she will work towards creating a regulation that promotes innovation in the sector.

Meanwhile, according to a research paper published by Grand View Research, the global metaverse market size is estimated to be at $38.85 billion, and it is expected to grow at a compounded annual growth rate (CAGR) of 39.4 per cent.

The global crypto market cap increased by 0.33 per cent to $2.01 trillion at 3.11 pm. However, the global crypto volume decreased by 25.5 per cent to $81.13 billion, as per Coinmarketcap data. 

Cryptocurrency Prices

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $44,503.78, higher by 1.09 per cent in the last 24 hours.

Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, was also higher by 0.01 per cent at $3,126.74.

Among other major coins, Cardano (ADA) was up by 0.23 per cent at $1.13, Algorand (ALGO) by 1.54 per cent at $0.9112, Binance Coin (BNB) was also up by 0.34 per cent at $414.96, Solana (SOL) was, however, down by 2.09 per cent at $100.99, and Polkadot (DOT) was also trading lower by 0.74 per cent at $20.78.
Today’s top gainer was Elo Inu (ELO INU), which was up by 498.79 per cent at $0.000000000001066. The top loser was DPK (DPK TOKEN), which was down by 99.83 per cent at $0.0007742.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 1.52 per cent at $0.1333. Its volume to market cap ratio stands at 0.04579. Rival Shiba Inu (SHIB) also was down by 0.2 per cent at $0.00002465.

Dogelon Mars (ELON) was trading with a gain of 5.46 per cent at $0.0000008545. Floki Inu (FLOKI) was, however, down by 5.62 per cent at $0.00003534, while Samoyed Coin (SAMO) lost 5.62 per cent at $0.01863.

In the DeFi segment, YFI (yearn.finance) was trading with a loss of 0.17 per cent at $21,077.08. Terra (LUNA) was also down by 3.06 per cent at $90.30. On the other hand, Avalanche (AVAX) gained 0.91 per cent to $84.87, Uniswap (UNI) lost 2.38 per cent to trade at $10.69, and Aave (AAVE) lost 3.02 per cent to $166.09.