Cryptocurrency updates: Know about NFTSs, Bitcoins, Crypto rules, and more

Cryptocurrencies have been experiencing a downfall for the first time after year-long gains and record highs as they underwent changes in many aspects from its increase in market caps and to the impact of the Covid-19 pandemic. Thus, it is important to know about the updates happening in the world of cryptos.

Cryptocurrency prices on December 20: Bitcoin, Ethereum, XRP rise; Cardano falls

The global crypto market capitalisation suffered a blow by 0.21% to stand at $2.19 trillion over the last 24 hours. Currently, Bitcoin is trading at $46,627.84, witnessed a surge in market dominance by about 0.02% over the previous day to reach 40.24%. Bitcoin increased marginally by 0.18% to trade at Rs 37,34,081 while Ethereum trading at Rs 3,14,199, is increased by 0.38%.

Financial stability group warns of stablecoins; DeFi risks

The Financial Stability Oversight Council (FSOC) is waiting for the US Congress to incorporate action on cryptocurrency, especially stablecoins, before deciding whether it needs to take action. The report published the previous week, focuses on various concerns regulators are having about stablecoins and the broader cryptocurrency market. The two key points mentioned in the report were that some stablecoins might not be fully backed or can maintain a peg to the dollar or other currency.

In favour of complete ban on cryptos: RBI to Central Board

The Reserve Bank of India (RBI) express its wish to the Central board to implement a complete ban on cryptos, reported people familiar with deliberations at the central bank’s broad meeting to Economic Times. RBI presented a detailed presentation to the board to highlight “serious concerns” about microeconomic, financial stability as well as exchange management.

Addidas’ first Ethereum NFT drops net $23 million, reaches to top of chart

Sportswear giant Addidas gathered $23.4 million in a single after its debut “Into the Metaverse,” NFT drop on December 19. The drop was collaboration with Bored Ape Yacht Club, PUNKS Comic NFT creator Pixel Vault, and private NFT collector gmoney.