Moderate Bitcoin prices; Speculation on whether RBI’s Fintech department will oversee CBDCs

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The global crypto market has shown signs of recovery as the prices of major crypto tokens appear to have stabilized for now and most of them were trading with little marginal gains or losses at 8:20 a.m., according to the data from Coinmarketcap. The fact that trading volume fell 22.10% to $ 71.33 billion was a reassuring sign. The global crypto market cap now stands at $ 1.97 trillion, an increase of 0.27% in the past 24 hours.

At the same time, the Reserve Bank of India (RBI) announced via an internal circular the creation of a department dedicated to fintech. The new department will try to promote innovations in the fintech sector and solve its various challenges.

It is assumed that the department will be active on the cryptocurrency front in terms of scoping regulation and central bank digital currency (CBDC). Coindesk quoted a source as saying, “You can expect a lot more action from Ajay Kumar Choudhary (who will oversee the new department) towards the Central Bank’s digital currency. This may mean a shift in the RBI’s stance towards accelerated steering of the CBDCs. “

The world’s oldest Bitcoin (BTC) cryptocurrency has continued to remain under pressure as bears try to break through its key $ 40,000 support area. For now, it looks like the Bulls have managed to hold on, but the question is until when? The 8:20 a.m. price was down 0.16% to $ 41,943.85.

“Bitcoin continues to follow a two-month downtrend, with a series of lower prices. The Relative Strength Index (RSI) levels on the daily chart are the most oversold since December, albeit in a downward price trend. However, on the market leader’s weekly chart, the RSI is not yet oversold, which implies that the downtrend will most likely remain intact, ”said Gaurav Dahake, CEO of Bitbns.

Things are starting to change for investors in Ethereum, which saw its price rise 0.69% to $ 3,154.30. Cardano (ADA) is down 2.08% to $ 1.17. Algorand (ALGO), known as the Ethereum killer, is down 2.88% to $ 1.39; its market capitalization now stands at $ 8,949,658,180.

Among other major coins, Binance Coin (BNB) is up 1.23% to $ 439.71, while Solana (SOL) is down 2.06% to $ 140.95. Polkadot (DOT) is up 1.81% to $ 24.72.

The top winner today was NinjaFloki (NJF), which rose 746.21% to $ 0.0000551. Surprisingly, this is the same crypto token that topped the charts on Saturday with gains of 1,774.28%. The big loser was Hatoken (HATOK), who fell 99.60% to $ 0.00000000003454.

Meme Coins And DeFi

Dogecoin (DOGE) is down 0.75% to $ 0.1513. Its volume-to-market capitalization ratio stands at 0.01907.

Rival Shiba Inu (SHIB) is up 0.67% to $ 0.00002836. ELON is trading 1.06% loss at $ 0.000001278, Floki Inu is up 7.20% to $ 0.00007437, while Samoyed Coin (SAMO) is trading 0.75% gain at $ 0.03145.

In DeFi segment, YFI (yearn.finance) was trading 5.72% loss at $ 32,189.33, Terra (LUNA) was up 6.30% at $ 72.67, Avalanche (AVAX) was up 3.72% to $ 88.86, Uniswap (UNI) was currently up 3.36% to $ 15.74, while Aave (AAVE) was down 2.77% to 207, $ 76.

Latest updates

The Verge reported that BitMart, a crypto exchange registered under (MSB) Money Services Business in the Cayman Islands, broke its promise to reimburse its users, who were affected by the $ 200 million hack that took place. produced in December. There were still many users who have yet to receive their refund.

Meanwhile, the U.S. Congress will hold a watch hearing in the coming weeks to find out how cryptocurrency mining is affecting the environment, according to a report from Coindesk.

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