Crypto market update
After days of high volatility, the cryptocurrency market has recorded a slight recovery, with total capitalization slightly over $2 trillion. The valuation has been led by high-cap cryptocurrencies like Bitcoin and Ethereum. Bitcoin gained over 2% in the last 24 hours and is now near $43,000, while Ethereum was trading over $3,200 by press time. The gains point to bullish market sentiment, considering that most digital currencies have been trading in the red zone over the last two months.
Bitcoin (BTC) is now trading at 43,001 USD (all data from Coingecko.com)
Ethereum (ETH) is now for 3,224 USD
PlatonCoin (PLTC) is now for 0,454 USD
Total marketcap is currently at 2.140 trillion USD
Daily news update
Facebook and Instagram enter NFTs: You soon will be able to trade and display your non-fungible tokens (NFTs) on your Facebook and Instagram profiles as well as use the two social media platforms to create or mint new NFTs. This is according to today’s report from Financial Times citing insider sources at Meta, the company that owns these social media platforms. Once the plans are actualized, Facebook and Instagram could become the center stage of the current NFT hype thus propelling mass NFT adoption to billions of users.
Americans and cryptocurrencies: A survey shows many positive sentiments in the U.S. towards crypto. The survey’s findings revealed that nearly two-thirds of respondents declared themselves to be crypto bulls while 61% mentioned that are likely to purchase crypto this year. While the report did not disclose the exact number of respondents, the results show a huge percentage increase compared to the results of an earlier survey showing that only 27% of Americans planned to invest in crypto in 2021.
Coinbase and shares: Coinbase stock suffered its lowest close ever on Wednesday as the top crypto exchange’s share price continues to slide, alongside tepid Bitcoin and Ether trade. Coinbase’s stock closed at $219.50, having lost 1% for the day and nearly 12% over the year-to-date. The Delaware-headquartered firm’s previous lowest close occurred on July 19 last year when it sank to $220.61. Coinbase is yet to break its record intraday low of $208, which it set last May.
SEC on crypto regulation: The current Chair of the US Securities and Exchange Commission – Gary Gensler – opined that Washington’s financial watchdogs should directly regulate cryptocurrency trading venues. He raised hopes that further monitoring will happen this year to grant investors more protection when dealing with bitcoin and altcoins.
Russia and crypto ban: Bank of Russia released a 37-page report on January 20, stating that the country must ban crypto. The report indicates that cryptocurrencies like Bitcoin are extremely volatile and are mostly used in nefarious activities such as tax evasion and fraud. For that reason, the usage of cryptocurrencies poses a big risk to the national economy by taking money out of it and putting it into crypto assets. Moreover, cryptocurrencies are difficult to monitor and regulatory bodies have an incredibly hard time maintaining proper monetary policies over them.