Bitcoin continues to decline; PayPal could launch its own US dollar-backed stable coin

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Cryptocurrency trading volume jumped 37.03% to $ 139.93 billion, but the prices of major cryptocurrencies continued to fall on Saturday. As of 8:44 a.m., the global crypto market cap was down 2.90% to $ 1.98 trillion, according to data from Coinmarketcap.

Crypto liquidation is a process by which brokers are forced to sell or buy based on their clients’ long or short crypto positions to close the trade, due to the lack of additional margin payment. So, as traders apparently tried to buy on the downside using leveraged trades, they further diluted their capital as crypto prices fell even more. This resulted in them losing more than $ 182 million, of which $ 22 million was due to short positions, Coindesk reported.

Meanwhile, Bloomberg has announced that PayPal, one of the world’s largest payment processors, may launch its own stable crypto coin which is to be backed by the US dollar. Jose Fernandez da Ponte, senior vice president of crypto and digital currencies at PayPal, said: “We are exploring a stable coin; if and when we seek to move forward, we will of course work closely with the regulators concerned. “

The world’s oldest Bitcoin (BTC) cryptocurrency saw its transaction volume increase 162.64% to $ 76,908,855,650, while its prices fell 1.38% to $ 41,759.24. This may be due to a forced liquidation by various crypto brokers and institutions.

“Bitcoin continues to hover above a three-month low, following the retracement in global equity markets. A violation of the support levels for Bitcoin or Ether will be crucial, ”said Gaurav Dahake, CEO of Bitbns.

Ethereum (ETH) is down 4.54% to $ 3,211.17. Its volume to market capitalization ratio is 0.0639.

Cardano (ADA) is down 2.76% to $ 1.22. Algorand (ALGO), known as the Ethereum killer, is down 3.83% to $ 1.44; its market capitalization now stands at $ 9,281,552,866.

Among other major coins, Binance Coin (BNB) is down 2.32% to $ 450.34.

Solana (SOL) denied any Distributed Denial of Service (DDOS) attack on its blockchain and said that the reason for the failure of many user transactions was high use of computer processing power; that their developers are studying as a priority. It was down 3.43% to $ 138.89 by 8:44 a.m.

The top winner today was NinjaFloki (NJF), which rose 1,774.28% to $ 0.0000628. The biggest loser was the FIA ​​protocol (FIA), which fell 94.77 percent to $ 0.01952.

Meme Coins And DeFi

Dogecoin (DOGE) is surprisingly up 0.96% to 0.1563. Its volume to market capitalization ratio is 0.04478.

Rival Shiba Inu is also up 0.53% to $ 0.0002952. ELON is trading with a loss of 1.63% at $ 0.000001334, Floki Inu crashed 8.61% at $ 0.00007512, while Samoyed Coin (SAMO) is trading with a loss of 3.90 % to $ 0.03099.

In the DeFi segment, YFI (yearn.finance) traded with a gain of 7.28% at $ 34,836.66, Terra (LUNA) was down 2.07% at $ 70.14, Avalanche (AVAX ) is down 1.73 percent to $ 87.09, Uniswap (UNI) is currently down 1.92 percent to $ 15.85, while Aave (AAVE) is up 5.71 percent at $ 220.37.

Latest updates

Mexican crypto exchange Bitso has signed a sponsorship agreement with Brazilian soccer club São Paulo Futebol Clube (SPFC). Without disclosing any financial details, Bitso’s vice president of marketing, José Molina, told Coindesk that the deal would also attempt to allow fans of the SPFC football club to purchase tickets and official merchandise using crypto. currency over the next six months.

Meanwhile, renowned chief economist and global strategist Peter Schiff warned in a Twitter post that crypto traders should close their Bitcoin transactions as soon as possible as prices are very volatile now and may fall further.

Hong Kong police are investigating the operations of the crypto exchange Coinsuper after several users complained that they could not withdraw their funds held at the exchange for some time now, Coindesk reported.

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