Global Crypto Trading Volume Up Nearly 44% But Prices Fall

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Global cryptocurrency trading volume soared 43.99% to $ 102.63 billion, with traders attempting to take advantage of the low prices of almost all major cryptocurrencies. Despite massive buying activity, however, the global crypto market cap is down 0.59% to $ 1.96 trillion.

In another development, Signal, the global privacy-focused chat messaging services company, partners with MobileCoin to enable its 40 million users (as of January 2021) to send and receive crypto payments. MobileCoin, Wired reported. The crypto exchanges that allow the trading of this crypto are BitFinex and FTX. Josh Goldbard, founder of MobileCoin, was quoted in the same report as saying, “There are currently over a hundred million devices on planet Earth that have the ability to activate MobileCoin and send an encrypted payment. end to end in five seconds. or less”.

Meanwhile, investors in the world’s oldest crypto Bitcoin (BTC) nearly panicked when prices dropped to $ 40,000 for a brief moment. As of 8:55 a.m., data from Coinmarketcap showed Bitcoin trading with gains of 0.38% to $ 42,115.77.

Bitcoin briefly fell below $ 40,000 after losses in the US stock market deepened as investors brace for (US) Federal Reserve tightening action (interest rate). As BTC’s downtrend over two months, the bullish momentum has weakened suggesting that sellers may remain active around resistance levels, ”said Gaurav Dahake, CEO of Bitbns.

Ethereum, however, was down 1.38% to $ 3,114.80. Cardano (ADA) lost 0.85% to $ 1.15. Algorand (ALGO), known as the Ethereum killer, rose 2.50% to $ 1.42; its market capitalization now stands at $ 9,205,972,130.

Among other major coins, Binance Coin (BNB) was down 1.98% to $ 430.36, while Solana (SOL) was down 2.41% to $ 136.87. Polkadot (DOT) was down 2.63 percent to $ 24.11.

The ETH Fan Token (EFT) was the best winner of the day, which rose 2,365.65% to $ 0.000000003836. The biggest loser was the Lympo Market Token (LMT), which fell 92.03% to $ 0.009453.

Meme Coins And DeFi

Dogecoin (DOGE) fell 4.02% to $ 0.1454. Its volume to market capitalization ratio is 0.04174. Rival Shiba Inu (SHIB) fell 4.46% to $ 0.00002708. Dogelon Mars (ELON) was trading with a loss of 4.89% at $ 0.000001217.

Floki Inu is down 10.78% to $ 0.00006602, while Samoyed Coin (SAMO) is trading a loss of 4.06% to $ 0.03017.

In DeFi segment, YFI (yearn.finance) was trading 0.40% gain at $ 32,346.15, Terra (LUNA) was down 0.35% at $ 72.66, Avalanche (AVAX) was down 3.23% to $ 85.96, Uniswap (UNI) was down 0.98% to $ 15.60, while Aave (AAVE) was down 2.77% to $ 204.97.

Latest updates

The Associated Press, a 175-year-old news and media company, has partnered with blockchain technology provider Xooa to launch its non-fungible token (NFT) marketplace on the Polygon blockchain. This market will allow collectors and enthusiasts to purchase photos from the news company, Coindesk reported.

TP ICAP, the world’s largest cross-trader, has now started offering its European clients exposure to various crypto-related ETFs, coindesk reported.

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