The cryptocurrency market was in the red again on Monday, thanks to profit postings after gains over the weekend. Trading volumes fell significantly due to the holiday week in Asian markets. Bitcoin, along with other tokens, moved little over the weekend with light trading volume as the majority of markets in Asia headed into the week-long New Years holiday. The global cryptocurrency market cap fell about 3 percent to $1.67 trillion. Meanwhile, total crypto market volume fell more than 4 percent to $56.22 billion.
The world’s most popular and largest cryptocurrency by market cap fell 3.15 percent to $37,000.21. Bitcoin is down more than 20 percent since the beginning of this year (year-to-date or YTD), while it has nearly halved from its all-time high of $69,000 in November after 50 percent.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, fell nearly 3.74 percent to $2,508.00, according to CoinmarketCap.com. Similarly, Binance Coin fell 4 percent to $369.
The price of Dogecoin also fell 3.96 percent to $0.1371, while Shiba Inu plunged more than 6.41 percent to $0.00002054. The performance of other cryptos also fell as the prices of XRP, Stellar, Avalanche, Cardano, Solana, Polygon, Terra and Uniswap traded with declines in the past 24 hours.
The Cyberspace Administration of China (CAC) has announced the start of an internal effort to accelerate blockchain development and innovation across 15 zones and 164 entities. The initiative is aimed at the large-scale implementation of blockchain technology among companies and government organizations in China.
The CAC, along with other government agencies, has instructed regulatory authorities to “promote the intensive and balanced layout of blockchain technology infrastructure in the region, form a large-scale support capacity for cross-chain data exchange at the production level, and forming a collaborative multi-party blockchain industry ecology.”
Recently, the US Securities and Exchange Commission rejected Fidelity’s application for a Bitcoin ETF. Fidelity already manages more than $4 trillion in assets and launched a similar ETF product in Canada in 2021.
Ethereum founder Vitalik Buterin will get back $100 million in USDC from the more than $1 billion in Shiba Inu he previously donated to India-focused COVID-19 relief fund, CryptoRelief, fund founder Sandeep Nailwal and Buterin tweeted .
Here are the top 10 cryptocurrencies and their prices as of January 31, 2022 (data from coinmarketcap.com at the time of publishing this article)
Bitcoin $37.008.21 or 3.15 percent loss in the last 24 hours
Ethereum $2,508.00 or 3.74 percent loss in the last 24 hours
Cardano $1.02 or 4.88 percent loss in the last 24 hours
Tether $1.00 or 0.00 percent gain in the last 24 hours
Terra $44.15 or 12.36 percent loss in the last 24 hours
XRP $0.5857 or 5.44 percent loss in the last 24 hours
Solana $90.26 or 5.90 percent loss in the last 24 hours
Avalanche $65.05 or 8.94 percent loss in the last 24 hours
Binance $1.00 or 0.11 percent loss in the last 24 hours
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