Cryptocurrency news update: Know about crypto market, NFTs, crypto rules, and more

The cryptocurrency market is juggling between highs and lows in recent times. The major cryptocurrencies – Bitcoin and Ethereum though recovered from the major losses and are still on the side of the plunge. Besides, the focus of investors is revolving more in Bitcoin and other cryptocurrencies, as worries over Federal Reserve continue to threaten the markets.

Thus to understand the market better, let’s take a look at the top cryptocurrency news of today:

Cryptocurrency prices today: Bitcoin, Ethereum fall; Ripple rises

The cryptocurrency market volume has decreased by 22.79% to stand at $69.25 billion on Sunday. The DeFi volume is currently trading at $9.56 billion, with 13.84% of the overall 24-hour volume in the crypto market. Besides, the overall volume of stablecoins is at $55.84 billion, accounting for 80.63% of the total 24-hour volume of the crypto market. Currently, Bitcoin is trading at $42,275.87 with a dominance of 42.29%.

Cryptocurrency has entered ‘Hyper-Adoption Phase’: Wells Fargo

According to financial service firm, Wells Fargo, cryptocurrencies are viable investments that have reached the “hyper-adoption phase.” “Cryptocurrencies have been following an adoption pattern similar to other new advanced technologies, such as the internet,” the firm’s global investment team further stated.

A home bought in Florida for $653,000 through an NFT sale

A woman in Florida bought a five-bedroom, three-and-half-bath house near Tampa, in an online auction on Thursday using non-fungible tokens or NFTs. “We truly feel that we made history, both for the real estate industry and for the crypto community,” said Natalia Karayaneva, the CEO and founder of Propy, which managed the online auction and transaction. The price was 210 Ether which is equivalent to $653,000 at the time of sale.

Cryptocurrencies not legal right now, says Union Minister Bhagwat Karad

On Saturday, Union Minister Bhagwat Karad said that cryptocurrencies are not legal in the country at present and nothing can be said as to what would happen in this sector in the future. Notably, the Reserve Bank of India and the Union Government did not give any sort of thumbs up to cryptocurrencies and thus cannot be considered as legal, said Bhagwat Karad.