New Delhi: The global cryptocurrency suffered a downfall by 1.47% to stand at $1.83 trillion over the last 24 hours while trading volumes were down by 16.57% to $72.95 billion. Decentralized finance (DeFi) accounted for 12.29% of the 24-hour cryptocurrency trading volume at $8.97 billion. Stablecoins, on the other hand, constituted 80.75% of the same at $58.91 billion.
Bitcoin on Saturday morning was trading at $40,208.63 with market dominance increasing 0.06% to 41.72%. In terms of rupees, Bitcoin plunged 1.31% to trade at Rs 33,84,999, while Ethereum also fell by 1.44% to Rs 2,40,000.
Other major cryptocurrencies including Cardano and Avalanche underwent a downfall by 1.33% and 0.57% to trade at Rs 83.86 and Rs 7,285.7 respectively. Over the last 24 hours, Polkadot fell 1.74% to Rs 1508 while Litecoin tumbled 2.63% to Rs 9,792.5. Tether was up by 0.09% to Rs 78.27.
Memecoin SHIB increased by 2.47% while Dogecoin was down by 0.85% to trade at Rs 11.52. Terra (LUNA) fell 2.48% to Rs 4,365.
Lawmakers in USA’s Wyoming presented the Wyoming Stable Token Act (SF0106) which allows the crypto-friendly state to launch its own dollar-pegged token.
The concerned bill is sponsored by state senators Chris Rothfuss and Tara Nethercott as well as state representatives Mike Yin and Jared Olsen. This act would allow Wyoming treasurer Curtis Meier Jr. to create a state stablecoin pegged to the US dollar. The token would be cashable for a single dollar held in trust by the state.
Besides, the senior staff at Federal Reserve will be unable to hold cryptocurrencies, among other assets such as stocks, according to an announcement today.
As per the statement by the Federal Open Market Committee (FOMC), the branch of the Fed that regulates the direction of monetary policy, the new rules laid out for “investment and trading activity of senior officials.”
FOMC stated that senior Federal Reserve officials can no longer buy crypto individual stocks or sector funds, or hold investments in individual bonds, agency securities, commodities, or foreign currencies. Besides, they can’t enter into derivatives contracts and involve in short sales or purchasing securities on margin.
