Without any major global cues apart from the US Federal Bank announcement about interest rates later in the month, the global crypto market continued its bearish trend. The global crypto market cap at 8.34 am stood at $2.04 trillion with a loss of 1.34 per cent, showed Coinmarketcap data. Trading volume too was down by 12.86 per cent at $102.52 billion, which might indicate that the bulls are taking a breather and are in no hurry to buy in the dip.
Meanwhile, Airbnb’s CEO, Brian Chesky, hinted in a reply to a tweet that they might start accepting crypto payments in the future.
Also, golfer Matt Wallace hinted some sort of collaboration between Elon Musk’s satellite internet company Starlink and the Dogecoin Foundation in a tweet. However, the details are not very clear yet.
The world’s oldest crypto currency, Bitcoin (BTC) is down by 1 per cent at $42,822.80. If you are asking how old? It's 13 years, read more about its journey here.
“Bitcoin has declined further, trading at $42,936.58 currently. However, the market leaders and altcoins are stabilizing after Wednesday's sell-off, which resulted in liquidations of $800 million, accelerating price fluctuations,” says Gaurav Dahake, CEO, Bitbns.
Rival Ethereum (ETH) too is down by 4.02 per cent at $3,361.30. Its volume to market cap ratio stands at 0.05893.
Cardano (ADA) is up by 1.42 per cent to $1.24. Algorand (ALGO), which is known as the Ethereum killer, is down by 2.74 per cent at $1.48; its market cap now stands at $9,541,546,997.
Among other major coins, Binance Coin (BNB) is up by 0.04 per cent at$467.21, while Solana (SOL) was down by 5.45 per cent at $144.80.
Today’s top gainer was PAPPAY (PAPPAY), which was up by 1075.28 per cent at $0.00001175. The top loser was Stobox Token (STBU), which fell by 96.96 per cent to 0.001089.
Meme Coins And DeFi
Dogecoin (DOGE) is down by 0.65 per cent at $0.1555. Its volume to market cap ratio stands at 0.03158. Rival Shiba Inu is’, however, up by 0.04 per cent at $0.00002962. ELON is trading with a loss of 1.92 per cent at $0.000001347, Floki Inu is down by 2.57 per cent at $0.00008505, while Samoyed Coin (SAMO) is trading with a loss of 9.31 per cent at $0.03223.
In the DeFi segment, YFI (yearn.finance) was trading with a gain of 1.06 per cent at $32,343.04, Terra (LUNA) was down by 5.51 per cent at $72.15, Avalanche (AVAX) is down by 4.15 per cent at $90.55, Uniswap (UNI) is currently down by 3.36 per cent at $16.22, while Aave (AAVE) is also down by 5.57 per cent at $213.13.
New York’s Mayor, Eric Adams, in a recent interview with CNBC said that he is going to take his first three months’ salary in Bitcoin instead of US Dollars. He was quoted as saying, “Sometimes the best time to buy is when things go down…”
Meanwhile, the Swiss subsidiary of Jordan-based Arab Bank recently started offering its wealthy clients the opportunity to safely buy the top 10 DeFi crypto tokens like Aave, Uni and Yearn.finance. This is not the first time the Swiss Arab Bank has tried its hand in crypto. Back in 2019, they started offering their clients Bitcoin custody and brokerage services, reported Coindesk. Incidentally, Aave also launched its institution-focused DeFi platform called Aave Arc. The DeFi sector is thought to be the next big thing in crypto and people fear if they do not jump into it now, they might miss the bus, a likely case of classic FOMO (fear of missing out).