Cryptocurrency News Now is not heartening, here is the round up on the cryptocurrency that you would like to know. What is disheartening is that the industry is struggling to fuel their ambitions. The crypto market is volatile and has huge teething and regulatory issues.
The global cryptocurrency market capitalisation dropped from $1.88 to $ 1.7 trillion during the last 24 hours while the trading volume surged from $66.35 to $126 billion. The decentralised finance (DeFi) crypto market cap rose 123.14 percent to $120.97 billion.
Value of stablecoins stood at $115 billion, representing nearly seven percent of the market. Stablecoins are tied to an asset – such as the dollar or any other fiat currency or gold – to stabilise their price. Bitcoin’s market dominance remained nearly flat at 40.51 percent and the asset was trading at $36,579 levels today morning.
In a brutal day across the cryptocurrency market, which has shed about 13 percent in the last 24 hours, meme coin Dogecoin reached its lowest point in more than nine months. It is down nearly nine percent over the last 24 hours to just above $0.14, as of this writing. Dogecoin has now dropped 18 percent over the last seven days, according to CoinGecko’s data.
Cryptocurrency News Now: A bleak future awaits the crypto industry players
Microstrategy—which has over $5 billion in Bitcoin—and is led by Bitcoin bull Michael Saylor—fell nearly 3 percent on January 20. Payments firm Block—led by Jack Dorsey and formerly named Square—was down 0.44 percent by closing time on the day. The company recently announced its intention to enter the Bitcoin mining fray.
A white-hat hacker has returned 322 Ethereum (around $900,000) after an exploit drained Multichain users of more than $3 million worth of crypto this week. However, up to $1.5 million worth of Ethereum is still at large. Multichain is a cross-chain router protocol that bridges users between thirty different blockchains including Bitcoin, Ethereum, and Terra.