Wednesday, February 8

New Delhi: Cryptocurrency market held its gains during the early hours on Wednesday despite ongoing concerns aroundFTX fallout and macroeconomic uncertainties.

Bitcoin marched towards the $17,000 mark, whereas Ethereum topped $1,200 and eyed $1,300 level. Investors will now focus on Fed Chair Jerome Powell’s speech scheduled later in the day.

All the top crypto tokens were trading higher. Ethereum rose almost 8%, while Dogecoin and Polkadot were up about 6% each. XRP, Polygon and Litecoin added 5% each.

The global cryptocurrency market cap was trading higher around $860 billion, gaining as much as 4% in the last 24 hours. The total trading volume jumped almost 7% to $48.15 billion.

What’s cooking in India

The Reserve Bank of India will start testing its retail central bank digital currency (CBDC), the digital rupee, in Mumbai, New Delhi, Bengaluru and Bhubaneswar. The pilot program will extend to nine more cities.


This initial participation will include four banks, namely- the , , and , the central bank announced on Tuesday. Four other institutions will join soon, the RBI said.

Global updates

Sam Bankman-Fried’s crypto empire collapsed at the beginning of this month, and questions continue to swirl around the motives and mechanics of the FTX and its sister company.

Coinbase Wallet will no longer support the native tokens associated with Bitcoin Cash, Ethereum Classic, Ripple’s XRP Ledger and Stellar effective December 5, according to an update on the crypto exchange’s website.

France and Luxembourg have used an experimental central bank digital currency (CBDC) to settle a bond worth $104 million, the latest in a series of trials in tokenized financial markets.

Decentralized lending protocol Compound Finance passed a proposal to impose loan limits and introduce new borrowing caps to lower risk on its platform.

Expert take

“Despite a drop in deal-making and a difficult year for crypto, Web3 and DeFi projects received the most funding for emerging technologies, surpassing fintech and biotech. In the third quarter, investment in the Web3 sector stood at $879 million,” said CoinDCX Research Team.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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