Cryptocurrency news update: Know about Bitcoin, crypto crash, NFT, and more

The cryptocurrency market is facing a hard time with it suffering a major loss of over $500 billion in combined capitalisation earlier on Friday. The loss in the market led to over $700 million in liquidation as top crypto assets suffered a massive blow. Bitcoin underwent a downfall below the critical support level of $40 thousand while Ether suffered a loss of $3 thousand support.

With all the downs being experienced by the crypto market, investors and professional traders need to have an update on the market. Below is the brief of some top crypto news:

Cryptocurrency price today: Bitcoin falls over 1%, Solana plunges 14%

The cryptocurrency market is trading in the red on Sunday. The global crypto market capitalisation suffered a blow to $1.6 trillion from $1.7 trillion during the last 24 hours. On the other hand, the trading volume rose from $126 billion to $130 billion. Bitcoin was trading at $35,203.60 levels with a dominance that rose to 41.26%. In terms of rupees, Bitcoin dropped over 1% to trade at Rs 28,95,454 while Ethereum fell 5% to trade at Rs 2,00,017.6. Currently, Bitcoin is almost half its $69,000 peak in November.

Brazilian fintech Dock will use crypto for international remittances

Brazilian financial services provider Dock informed on Friday that it will start using cryptos to process international remittances as it expands to Latin America and Europe. Reportedly, Brazilian reais will be converted to Bitcoin and then into other currency like the dollar, reaching end users via Dock customers such as Vivo and Natura&CO.

Market wipes off $1 trillion since November 2021

With the starting of the year 2022, Bitcoin dropped 16% while Ethereum plunged 22%. On Friday, Bitcoin fell to its lowest level in the last five months, trading at $35,017.4 on Saturday. Ethereum is also not in a good place and was trading at $2,451.47. Reportedly, Bitcoin suffered a 40% fall from its all-time high of $69,000 in November 2021. This fall along with the fall of other cryptocurrencies has accounted for about $1 trillion loss from the market.

NBA Top Shot NFTs have quietly surged 72% in 30 days

Despite the crypto market crash, NFTs or non-fungible tokens are experiencing a surge in the amount of money. OpenSea, the top NFT market space, acquired a single monthly record last week with $3.5 billion in sales in January to date – only halfway through the month. NBA Top Shot made a comeback from last year’s March, surging by 72% in the past 30 days, maybe all thanks go to NBA star Kevin Durant.