Cryptocurrency news today: Market recovers slightly with Bitcoin, Ethereum rise

The global cryptocurrency market capitalisation increased by 1.13% to stand at $1.63 trillion over the last 24 hours while the trading volume plunged by 35.81% to $83.88 billion over the same period of time.

The decentralised finance (DeFi) accounted for 14.72% of the total 24-hour crypto trading volume at $12.35 billion, while stablecoins made up 79.27% at $66.49 billion. On Monday morning, Bitcoin was trading at $35,596.12 with the surge in dominance by 0.04% to reach 41.26%.

In terms of rupees, Bitcoin increased by 0.99% to trade at Rs 29,32,695 while Ethereum rose by 2.37% to Rs 2,05,009.3.

Apart from these two digital currencies, Cardano and Avalanche jumped by 0.59% and 2.09% to trade at Rs 88.71 and Rs 5,105 respectively. Polkadot plunged 2.64% to Rs 1,475.01 while Litecoin increased by 1.28% to Rs 8,942.81 over the last 24 hours. Tether increased by 0.13% to Rs 82.51.

Memecoin SHIB increased by 1.66% while Dogecoin also surged by 2.5% to trade at Rs 11.47. Terra (LUNA) also rose by 2.31% to Rs 5,499.94.

Considering the tightening of regulatory grip around cryptocurrencies, the White House is preparing an executive order for release in the next month as early as possible that will highlight the comprehensive strategy on crypto and will ask Federal agencies to determine their risks and opportunities, as reported by Bloomberg.  This will allow the directive to place the White House in a central role overseeing efforts to set policies and regulate digital assets.

Reportedly, the Central American country of El Salvador has included 410 Bitcoin in its central reserve as BTC prices trade below $37,000, a price that was last witnessed on July 26, 2021. President Nayib Bukele announced the fresh addition to El Salvador’s BTC reserve.