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Cryptocurrency: Bitcoin, Ethereum Gain, Trading Volume Surges Over 100,000%; Check Latest Rates

By: Business Desk

Last Updated: January 30, 2022, 11:53 IST

Bitcoin prices recovered on Sunday

Bitcoin prices recovered on Sunday

Cryptocurrency prices today: The cryptocurrency market surged marginally on Sunday. Should you buy?

The cryptocurrency market surged marginally on Sunday as traders saw some value at lower levels. The global cryptocurrency market capitalisation rose 1.55 per cent over the last 24 hours to $1.73 trillion while the trading volume over the same period skyrocketed by 1,06,435.67 per cent to $79.22 trillion.

The world’s largest cryptocurrency was trading over 1.43 per cent higher at $38,157.28. Bitcoin has slipped more than 20 per cent since the start of this year (year-to-date or YTD), whereas it has nearly halved from its all-time high of $69,000 hit in November past 50 per cent.

On the other hand, Ether, the coin linked to ethereum blockchain and the second-largest cryptocurrency, was marginally higher at $2,605.70 that is 2.99 per cent higher in the past 24 hours, as per CoinmarketCap.com.

Cardano rose 2.33 per cent to $1.07 and Avalanche 5.50 per cent to $71.52. Polkadot rose 2.22 per cent to $18.91 over the last 24 hours. Tether increased 0.01 per cent to $1.00.

Memecoin SHIB increased 1.82 per cent while Dogecoin rose 0.75 per cent to trade at $0.1429. Terra (LUNA) dipped by 2.61 per cent to $ 50.27.

Payment giant Visa stated that its customers made $2.5 billion in payments using its crypto-linked cards during the first fiscal quarter of 2022. This is over 70% of all crypto-card volume throughout fiscal 2021, signalling increased adoption of digital asset payments.

Visa CFO Vasant Prabhu expressed optimism over the development in an interview with CNBC. “To us, this signals that consumers see the utility in having a Visa card linked to an account at a crypto platform,” he said, citing an instant and seamless ability to manage purchases and fund payments.

A controversial proposed rule that would enforce know-your-customer rules on unhosted or self-hosted crypto wallets may again be under consideration by the US federal government.

The rule was first proposed at the end of 2020 by the Financial Crimes Enforcement Network, the U.S. money-laundering watchdog. If enacted, crypto exchanges would be required to collect names and home addresses, among other personal details, from anyone hoping to transfer cryptocurrencies to their own private wallets.

Separately, the New York State Department of Environmental Conservation has delayed its decision on whether it will allow Greenidge Generation to continue to use its power plant in the town of Dresden for bitcoin mining, Bloomberg reported. The miner applied last year to renew its permits for the plant, the first time it’s come up for renewal since it has been powering bitcoin mining operations.

Also, Ethereum founder Vitalik Buterin will receive back $100 million in USDC from the more than $1 billion in Shiba Inu he previously donated to the India-focused COVID-19 relief fund, CryptoRelief, the fund’s founder Sandeep Nailwal and Buterin tweeted recently.

Here are the top 10 cryptocurrencies and their prices on January 30, 2022 (data from coinmarketcap.com at the time of publishing this article)

Bitcoin $38,157.28 or 1.43% gain in the last 24 hours

Ethereum $2,605.70 or 2.99 gain in the last 24 hours

Cardano $1.07 or 2.33% gain in the last 24 hours

Tether $1.00 or 0.01% gain in the last 24 hours

Terra $50.27 or 2.61% loss in the last 24 hours

XRP $0.6268 or 5.04% gain in the last 24 hours

Solana $92.26 or 4.53% gain in the last 24 hours

Avalanche $71.52 or 5.50% gain in the last 24 hours

Binance $1.00 or 0.11 gain in the last 24 hours

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first published:January 30, 2022, 11:52 IST
last updated:January 30, 2022, 11:53 IST