While McDonald’s may be the latest brand to jump into metaverse, Fitch has downgraded El Salvador’s long-term foreign currency Issuer Default Rating (IDR) to CCC from B-, citing risks from Bitcoin adoption. “Weakening of institutions and concentration of power in the presidency have increased policy unpredictability, and the adoption of Bitcoin as legal tender has added uncertainty,” said a Fitch commentary.
Meanwhile, the global crypto market crashed in morning trade due to speculation that the US Federal Bank might raise interest rates as the inflation rate has touched a 40-year high. The global crypto market cap was down by 14.86 per cent at $1.72 trillion. The crypto trading volume, too, was down by 22.42 per cent at $59.07 billion at 8.30 am, as per Coinmarketcap data.
Bitcoin (BTC) was down by 1.56 per cent at $43,150.77, while rival Ethereum was down by 4.8 per cent at $3,055.31.
“Bitcoin failed to stay above $44,00 after the fall of US stocks. The market leader is trading at around $43,000 as the short-term support level with expected resistance above $46,000. Ether, the leading altcoin, is trading $3,061.81 and has retracted by nearly 4 per cent, following which other altcoins are in the red as well,” says Gaurav Dahake, CEO and founder, Bitbns.
Among other major coins, Cardano (ADA) was down by 3.22 per cent at $1.14, Algorand (ALGO), which is known as the Ethereum killer, was down by 4.39 per cent at $0.9727; its market cap was at $6,383,814,313. Binance Coin (BNB) fell 1.11 per cent at $412.15, while Solana (SOL) declined 6.21 per cent at $104.49 and Polkadot (DOT) by 6.29 per cent at $20.33.
Today’s top gainer was Sonic Token (SONIC), which is up by 4764.31 per cent at $0.0001432. The top loser was WalMeta (WALMETA), which is down by 99.95 per cent at $0.00005428.
Meme Coins And DeFi
Dogecoin (DOGE) was down by 4.19 per cent at $0.1521. Its volume to market cap ratio stands at 0.05441. Rival Shiba Inu (SHIB) was also down by 5.92 per cent at $0.00003052.
Dogelon Mars (ELON) was trading with a loss of 4.84 per cent at $0.000001042. Floki Inu (FLOKI) was also down by 14.11 per cent at $0.00004479, while Samoyed Coin (SAMO) fell by 5.1 per cent at $0.02781.
In the DeFi segment, YFI (yearn.finance) was trading with a loss of 4.74 per cent at $24,381.46. While Terra (LUNA) was down by 6.38 per cent at $52.33, Avalanche (AVAX) was up by 1.45 per cent at $89.57. Uniswap (UNI) fell 5.29 per cent at $11.35, while Aave (AAVE) declined 4.26 per cent at $175.68.
Latest Updates
McDonald’s has filed 10 trademarks with the US Patent And Trademarks Office with one of them reading “downloadable multimedia files containing artwork, text, audio and video files and non-fungible tokens”. This adds to the speculation that McDonald’s might be the latest brand to jump into the metaverse and crypto world, reported entrepreneur.com.
Fitch has lowered El Salvador’s long-term foreign currency Issuer Default Rating (IDR) to CCC from B-.
“The government faces only $305 million in external debt amortisations in 2022, but faces close to $1.2 billion in 2023 (with a $800 million Eurobond due in January 2023). Fitch estimates a financing gap of $1.2 billion in 2022, assuming the rollover of short-term debt and nearly $1 billion the government has identified in multilateral disbursements and pension-related debt issuance. The gap rises to $2.5 billion in 2023,” said Fitch’s commentary.
