The cryptocurrency market is trading in red on Saturday. The global cryptocurrency market capitalization tumbled to $1.90 trillion from $1.95 trillion over the last 24 hours. Also, trading volume declined to $89.42 billion from $114.17 on February 11. The focus of investors is revolving more in Bitcoin and other cryptocurrencies, as worries over Federal Reserve continue to threaten the markets.
Decentralised finance (DeFi) accounted for 16.12% of the 24-hour cryptocurrency trading volume at $10.65 billion, while stablecoins constituted 78.15% at $51.63 billion. On Saturday morning, Bitcoin was trading at $42,449.46 with market dominance dropping by 0.15% to 41.64%.
Cryptocurrencies have been experiencing their usual volatility in recent weeks. The largest cryptocurrency is on surge by around 33% since January 24 and was recently traded at $43,850. Bitcoin made a major comeback from experiencing half of its price from November’s record high. On the other hand, Ethereum is up by around 45% since January 24 trading at around $3,200 with a nearly 56% fall from its record high of $4,868 witnessed in November.
In terms of rupees, Bitcoin suffered 1.4% to trade at Rs 33,77,000 while Ethereum dipped 3% to Rs 2,34,999.0. Cardano was down by 4% to Rs 86.74 while Avalanche tumbled 3% to Rs 6,677.09.
Meanwhile, the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler said that the security regulator is currently collaborating with the Commodity Futures Trading Commissions (CFTC) on crypto regulation. He also said that SEC is “trying to work with various crypto platforms, exchanges, lending platforms,” to ensure investor protection.