The global crypto market has managed to smartly recover from its lows and as of 9.08 am most of the major cryptocurrencies were trading in the green. Coinmarketcap data showed that the global crypto market cap increased by 1.26 per cent to $2.04 trillion. However, the trading volume declined by 16.68 per cent at $84.38 billion.
Meanwhile, US Congressman Tom Emmer of Minnesota's MN-06 district announced on Wednesday that he has introduced a Bill before the US Congress about the prohibition on issuing central bank digital currencies (CBDCs) directly to ordinary citizens by the US Federal Reserve. He was quoted as saying, “Requiring users to open up an account at the Fed to access a U.S. CBDC would put the Fed on an insidious path akin to China’s digital authoritarianism. Not only would this CBDC model centralize Americans’ financial information, leaving it vulnerable to attack, but it could also be used as a surveillance tool that Americans should never tolerate from their own government,” reported news.bitcoin. Read more about India’s possible take on CBDC here.
The world’s oldest cryptocurrency Bitcoin (BTC) is up by 0.81 per cent at $43,078.68.
“Bitcoin continues to trade tightly around $43,000. Support levels near $40,000 remain intact, suggesting limited short-term pullbacks. However, the upside could be limited towards the $45,000-$47,000 resistance zone for the market leader. DOGE has been rallying after Tesla announced the acceptance of the leading meme coin as payment for merchandise,” says Gaurav Dahake, CEO, Bitbns.
Ethereum was up by 1.47 per cent at $3,318.70. Its volume to market cap ratio stood at 0.03309, at 9.08 am as per coinmarketcap data.
Cardano (ADA) is up by 1.96 per cent at $1.27. Algorand (ALGO), which is known as the Ethereum killer, is up marginally by 0.01 per cent at $1.38; its market cap now stands at $8,922,913,115.
Among other major coins, Binance Coin (BNB) is up by 1.68 per cent at $487.68, while Solana (SOL) is down by 0.74 per cent at $146.51. Polkadot (DOT) is up by 0.24 per cent at $27.48.
Today’s top gainer was Dogelana (DGLN), which was up by 298.53 per cent at $0.0001038. The top loser was GLOW (GLOW), which was down by 97.19 per cent at $0.00000000008317.
Meme Coins And DeFi
Dogecoin (DOGE) is up by a massive 7 per cent at $0.1889. Its volume to market cap ratio stands at 0.2241. This price jump was the result of investors’ reaction to Tesla’s CEO Elon Musk’s announcement about them accepting DOGE as a payment method for their merchandise sales.
Rival Shiba Inu (SHIB) is up by 2.93 per cent at $0.00003091. ELON is trading with a gain of 2.04 per cent at $0.000001307, Floki Inu is also up by 1.8 per cent at $0.00007201, while Samoyed Coin (SAMO) is down by 2.4 per cent at $0.02537.
In the DeFi segment, YFI (yearn.finance) was trading with a loss of 0.67 per cent at $31,838.76, Terra (LUNA) was up by 2.09 per cent at $80.74, Avalanche (AVAX) was up by 1.59 per cent at $91.25, Uniswap (UNI) was up by 1.74 per cent at $15.96, while Aave (AAVE) was up by 8.34 per cent at $229.39.
Bitfinex, a crypto trading exchange, informed its users in Canada’s Ontario province to close their accounts and withdraw all their funds latest by March 1, 2022. They did not provide any reason for this, reported coindesk.
Meanwhile, Crocs, the famous American foam clog manufacturer, has applied to the US Patent And Trademark Office (USPTO) for their non-fungible token (NFT). This NFT will feature most of Crocs footwear and other related accessories.