Cryptocurrency price today: Most cryptos trading in red; Bitcoin and Ether slightly up
Most of the cryptocurrencies are trading in the red today. Bitcoin is trading at a dominance of 44.53% over the last day.
New Delhi: Cryptocurrency prices continue to trade in the red on October 9. The global cryptocurrency cap has decreased by 0.42% over the last day trading at $2.29 trillion. The total crypt market volume is $115.94 billion with a decrease of 7.09% over the last 24 hours.
Currently, Bitcoin is trading at $53,920.32 with a dominance of 44.53%, which results in an increase of 0.04% over the last day.
Besides, on October 8, Coinswitch Kuber, a crypto exchange tool announced the popular Bollywood actor Ranveer Singh as their first-ever brand ambassador. The main aim of Coinswitch is to make a mass appeal holding the hands of Ranveer Singh among Gen Z and millennial customers.
Coinswitch Kuber’s ongoing ‘Kuch Toh Badlega’ campaign will feature Ranveer Singh on its three ad films which focus on the possibility of change becoming a part of something bigger by entering into the world of cryptos. The first of its three ads have already been uploaded on the company’s YouTube channel.
“The ad films will drive the narrative of the potential of cryptocurrency to become the preferred choice of investment for the diverse Indian population, especially those living in tier 2 and tier 3 cities,” the company said in a statement.
Each of the three ad films would convey different exceptional traits of Coinswitch Kuber platform.
On the other hand, Stablecoin Tether intensified regulatory and public wrath after reports stated that no independent entity could authenticate the $69-billion reserves backing the coin.
“Exactly how Tether is backed, or if it’s truly backed at all, has always been a mystery. For years, a persistent group of critics has argued that, despite the company’s assurances, Tether Holdings doesn’t have enough assets to maintain the 1-to-1 exchange rate, meaning its coin is essentially a fraud,” stated a Bloomberg report.
Stablecoin is designed to have a stable value, associated with a commodity, crypto, or fiat currency. Tether is linked to the US dollar. This further explains that the coin needs complete cash-backing for each of its issuances.
In 2021, the company has issued 48 billion Tethers which are priced at $1 each. To ensure the credibility and authenticity of the stablecoin and referring to its quarterly assurance reports and audits, Tether stated that its USDT token is completely backed by the dollar.