Thursday, Aug 18, 2022
Outlook Money

World Bank Disapproves Central African Republic’s Bitcoin Adoption; Bitcoin Down 7%

Binance has become the title sponsor of an African crypto awareness program amid rising interest in cryptocurrency. Bitcoin, Shiba Inu lose 7 per cent as crypto market falls.

Bitcoin (BTC)

The World Bank has expressed its disapproval of the Central African Republic’s (CAR) latest regulation which essentially adopts Bitcoin (BTC) as a legal tender of exchange. The World Bank also said that it would refrain from lending any support to CAR’s new crypto hub called ‘Sango’.

Meanwhile, Binance (BNB) has become the title sponsor of a crypto awareness program in Africa. The program is called Binance Blockchain and Cryptocurrency Awareness Tour (BCAT) Africa, 2022, and it aims to spread awareness about crypto and blockchain in Nigeria, Uganda, Cameroon, and other nations in Africa.

The global crypto market capitalisation went down by 5.44 per cent to $1.24 trillion as of 8.50 am. However, the global crypto volume was up by 12.71 per cent to $97.37 billion as per Coinmarketcap data.

Cryptocurrency Prices

Bitcoin, the world’s oldest cryptocurrency, was trading at $29,834.82, lower by 6.19 per cent in the last 24 hours. Ethereum (ETH) was down by 5.67 per cent to $1,828.90. 

“The crypto market declined, Bitcoin has been trading slightly below $30,000 Ether retraced further and other major altcoins fell deeper. The market's long-term momentum remains negative. Significant buying activity and a major sentiment shift is needed for any price reversal at the moment,” says Gaurav Dahake, CEO and founder, Bitbns.

Among other significant coins, Cardano (ADA) was down by 6.17 per cent at $0.5717, Algorand (ALGO) was trading with a loss of 6.98 per cent at $0.3809, Solana (SOL) was trading with a loss of 12.34 per cent at $39.34, Polkadot (DOT) was down by 6.61 per cent at $9.49, and Binance Coin (BNB) was down by 5.81 per cent at $301.36.

Today’s top gainer was Sweet SOL (SSOL), which was up by 1970.26 per cent at $0.000007788. The top loser was METAZONX
(ZONX), which was down by 95.9 per cent at $0.0002267. 

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 5.69 per cent at $0.08097. Its volume to market cap ratio stands at 0.07527. Rival Shiba Inu (SHIB) was down by 6.73 per cent at $0.00001088.

Dogelon Mars (ELON) lost 9.11 per cent to trade at $0.0000004433, Floki Inu (FLOKI) lost 8.63 per cent at $0.000009106, and Samoyed Coin (SAMO) fell 1.98 per cent at $0.005624. 

In the DeFi segment, YFI ( was down by 7.86 per cent at $7,433.64, and Terra Classic (LUNC) was trading with a loss of 16.18 per cent at $0.0000971. Avalanche (AVAX) was down by 10.46 per cent at $23.19, Uniswap (UNI) was trading with a loss of 8.55 per cent at $5.13, and Aave (AAVE) fell by 6.37 per cent at $106.42.