During Thursday’s market downturn, The Global Crypto Market, some major cryptocurrencies fell amid concerns about inflation, which made gold and other currencies more attractive. Due to the COVID-19 pandemic, some central banks are investigating the prospects of digital versions of their currencies. They want to take over the control of virtual transactions from the private sector. Here is an overview of all that’s trending in the crypto market, including new developments and news for the week.
UPDATES ON CRYPTO TRADING PRICE
As of yesterday’s close, the crypto market capitalization stood at $2.82 trillion, a fall of more than 2 percent. Overall, the crypto market volume increased by over 31 percent to $176.91 billion. A global inflation concern led to a fall in the price of major cryptocurrencies on Thursday, making other currencies and gold attractive. Except for Solana, some of the other major cryptocurrencies were trading lower up to 5%. However, Bitcoin is up by 2.5% at the time of writing, long surpassing the $68,000 mark.
INCLINATION TOWARDS CBDC
Among the consequences of the COVID-19 pandemic has been the decline of cash in some countries. In response to that, central banks across the globe are considering the digitization of their currencies. This will allow them to take control over digital payments from the private sector.
According to a statement from the British Finance Ministry and the Bank of England, they plan to officially consult next year on whether to move forward with an envisioned central bank digital currency (CBDC).
Bloomberg reports that several central banks are discussing whether and how to pass cryptocurrencies as legal tender in their jurisdiction, as planned. The Chinese government may launch a CBDC before any other major economy. Its plan for the digital Yuan envisaged it as legal tender from day one.
SCHRODINGER’S CRYPTO CAT
There’s a new crypto coin in town. And it’s rocking the market with a hike of 500% in the past four days. The decentralized exchange, Uniswap is currently trading Schrodinger (Kitty Dinger) for a $6.9 million market cap. With a supply of 1 trillion and a 10% transaction fee per transaction, the token has generated more than $2 million on its first day in the global crypto chamber. Considering the volatility of the crypto market, there’s only one way to find out whether Schrodinger’s crypto kitty will be alive or dead – waiting.
IN OTHER CRYPTO NEWS
More than 49% of millennials in America are deeply and comfortably invested in the crypto market, a survey shows. Americans of the age group of 25-45 are actively investing and trading in cryptocurrencies. Meanwhile, Miami Mayor Francis Suarez has announced Miami residents will be directly getting free Bitcoin as dividends.
After experimenting with NFTs in ‘Stoner Cats’ Hollywood A-lister, Mila Kunis has a new show to promote. She is utilizing blockchain technology and the cryptocurrency community to help release the Gimmicks cartoon.
Crypto adoption always finds a way to keep growing, so the crypto market keeps flourishing. Whether it is the sudden price hike of lesser-known cryptocurrencies, or the launch of new coins and CBDCs, the new generation of finance is slowly revamping the world.