As uncertainty over cryptocurrencies prevailed in the minds of investors, prices of major cryptos, including Bitcoin, Ethereum and Shiba Inu, were showing signs of lack of direction. The global crypto market cap fell by 0.66 per cent at $2.01 trillion at 8.22 am, according to Coinmarketcap data. The trading volume was up by 0.21 per cent at $77.48 billion.
Milo, an American real estate fintech company, became the first company in the US to launch a crypto-based mortgage lending product. Customers of Milo can pledge their Bitcoin (BTC) holdings and take a loan against that for buying real estate. The period of repayment of this loan can be extended up to 30 years, said a report by prnewswire.com. Josip Rupena, CEO and founder of Milo, was quoted as saying in the same report, “The world is changing rapidly, with how consumers make and invest their $2 trillion in crypto wealth. With our new crypto mortgage, we can expand our offerings to consumers that were previously denied by other banking firms just for having crypto.”
Meanwhile, investors of the world’s oldest cryptocurrency, Bitcoin have paid little to no heed to this major positive use case of BTC. As of 8.22 am, coinmarketcap data showed that Bitcoin was trading with a nominal gain of 0.08 per cent at $42,321.77.
“Bitcoin is stuck around the $40,000 support level with the resistance zone between $43,000 and $45,000. Bitcoin appears to be oversold in the Asia trading day, but the upside remains limited at the moment. The market is performing with mixed patterns reflecting the nervousness as well as anxiety about the US and global economies,” says Gaurav Dahake, CEO & Founder Bitbns.
The second largest cryptocurrency by market capitalization, Ethereum (ETH), was down by 1.86 per cent at $3,156.57. Its volume to market cap ratio stands at 0.03408.
Among other major coins, Cardano (ADA) was down by 5.9 per cent at $1.50. Algorand (ALGO), which is known as the Ethereum killer, is down by 2.44 per cent at $1.32; its market cap now stands at $8,528,826,205. Binance Coin (BNB) is down by 1.14 per cent at $470.09, while Solana (SOL) is up by 0.11 per cent at $140.94. Polkadot (DOT) is down by 2.33 per cent at $25.21.
Today’s top gainer was Patron (PAT), which is up by 1,782.73 per cent at $0.04277. The top loser was Wine Shares (WINE) which is down by 86.56 per cent at $1,399.80.
Meme Coins And DeFi
Dogecoin (DOGE) is down by 1.29 per cent at$0.1675. Its volume to market cap ratio stands at 0.04025. Rival Shiba Inu (SHIB) is also down by 3.21 per cent at $0.00002817.
Dogelon Mars (ELON) is trading with a loss of 2.33 per cent at $0.000001233, Floki Inu (FLOKI) crashed by 10.01 per cent at $0.00005347, while Samoyed Coin (SAMO) is down by 2.52 per cent at $0.01839
In the DeFi segment, YFI (yearn.finance) was trading with a gain of 5.03 per cent at $33,353.92, Terra (LUNA) was up by 2.79 per cent at $79.90, Avalanche (AVAX) was down by 1.23 per cent at $85.86, Uniswap (UNI) was down by 5.62 per cent at $16.05, while Aave (AAVE) was down by 1.37 per cent at $234.02.
Current Updates
BXM Operations, a subsidiary of BitMEX, a crypto exchange headquartered in Seychelles has signed a deal to buy one of Germany's oldest banks, Bankhaus von der Heydt. However, it remains to be seen whether BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht), Germany’s Financial Regulator, allows this deal to go through or not. Alexander Höptner, CEO of BXM Operations, was quoted as saying in the blog announcement of this deal as, “Through combining the regulated digital assets expertise of Bankhaus von der Heydt with the crypto innovation and scale of BitMEX, I believe we can create a regulated crypto products powerhouse in the heart of Europe.”
