The global cryptocurrency market capitalisation suffered a downfall by 1.01% to stand at $1.81 trillion over the 24 hours while the trading volumes were down nearly by 25.85% to $53.91 billion.
The decentralised finance (DeFi) accounted for 15.07% of the 24-hour cryptocurrency with trading volume at $8.12 billion. Meanwhile, stablecoins constituted 79.41% of the same at $42.81 billion.
On Sunday morning, Bitcoin was trading at $40,010.80 with market dominance rising by 0.03% to 42.03%. In terms of rupees, Bitcoin plunged by 1.13% to trade at Rs 33,84,999, while Ethereum fell by 1.44% to Rs 2,40,000.
Other major cryptocurrencies including Cardano and Avalanche was down by 1.33% and 0.57% to trade at Rs 83.86 and Rs 7,285.7 respectively. Over the last 24 hours, Polkadot dipped 1.74% to Rs 1,508 and Litecoin was down 2.63% to Rs 9,792.5. Tether increased by 0.09% to trade at Rs 78.27.
Memecoin SHIB surged 2.47%, while Dogecoin tumbled by 0.85% to trade at Rs 11.52. Terra (LUNA) suffered a downfall of 2.48% to Rs 4,365.
The Canadian government’s efforts to obstruct the flow of funds to protesting truckers in Canada symbolises why cryptocurrencies exist, said Ethereum founder VItalik Buterin.
During an interview with the Denver conference, Buterin who grew up in Canada did not allow the “freedom convoys” that have been blaring their horns in Ottawa for the last week in opposition to Covid-19 restrictions. However, he described the government’s response as heavy-handed and regarded crypto as a potential check on such overreach.
“If the government is not willing to follow the laws … [and] give people a chance to defend themselves…and they just want to talk to the banks and basically cut out people’s financial livelihoods without due process, that is an example of the sort of thing that decentralised technology is there to make more difficult,” Buterin said.
He argued that crypto is not so much a radical technology as a restorative one.
