Cryptocurrency news today: Market trading in red with Bitcoin suffering plunge

The cryptocurrency market has been trading in the red on Tuesday. The global crypto market capitalisation is suffering a decrease of 5.57% to stand at $1.68 trillion. Over the last 24 hours, the total crypto market volume increased by 43.65% to $100.86 billion.

The total volume in DeFi is currently $12.99 billion, 12.88% of the total cryptocurrency market 24-hour volume. Besides, the volume of stablecoins is $84.87 billion, which is 84.14% of the total crypto market 24-hour volume.

On Tuesday morning, Bitcoin was trading at Rs 29.63 lakh with a dominance of 42.01%.

Meanwhile, Russia’s finance ministry on Monday informed that it would take proposals in cryptocurrency from the country’s central bank into account as long as they do not clash with its own approach, allowing its way for legislation governing digital assets.

Also, a dispute over cryptocurrency regulation emerged in Russia on Friday because of the submission of legislative proposals to the government by the finance ministry that contradicted with central bank’s demand for a blanket ban.

The Bank of Russia has planned to ban cryptocurrency trading and mining due to the threat digital currencies pose to financial stability. But the finance ministry prefers legislation that regulates cryptocurrency, allowing them as an investment tool, but not as a means for payment. Besides, the draft legislation of the finance ministry focuses on creating a legal market for digital currencies.

In terms of the entertainment world, Universal Music Group collaborated with NFT platform Curio to develop NFT collections for its record labels and artists. This deal is considered to be a major move into a potentially new revenue sector by the world’s largest music company, which depends majorly on streaming music for its financial services. The collaboration will work towards the development of digital artwork and other collectibles for Universal Music and its artists.