The cryptocurrency market registered sprouts of green as most cryptos including Bitcoin, Ethereum, Solana, Polkadot and SHIB rose marginally. The global crypto market cap, standing at $2.63 trillion, surged almost 5.95 percent over the last 24 hours. The total DeFi volume, comprising 13.10 percent of the total crypto market volume over the last 24 hours, stood at $15.8 billion, whereas stable coin volume was noted at $93.39 billion.
Bitcoin, currently $58,946, rose 3.64 percent over the last day. Ethereum also surged 6 percent to trade at $4,333, while Solana followed suit with an 11.68 percent rise, trading at $220. Memecoins DOGE and SHIB also jumped significantly, with a rise of 6 percent and 12 percent, respectively, on a 24-hour basis.
On the DeFi front, a new report by risk management firm Elliptic revealed that DeFi users had lost almost $10.5 billion to theft and fraud this year and almost $12 billion over the last 2 years, with the majority of these transactions undertaken on Ethereum.
While addressing a conference recently, Former Democratic Presidential candidate Hillary also expressed concerns regarding how cryptocurrency could potentially destabilize nations by undermining their fiat currency and chip away at the role of the dollar as a reserve currency.
The market is also keenly watching out for the restitution and recovery of early bitcoin investors from the now-defunct cryptocurrency exchange Mt. Gox, which folded up in 2014 post a hack worth 8,50,000 BTC. The rehabilitation scheme, proposed by the trustee Nobuyuki Kobayashi and finalized by the Japanese court, will return almost 1,50,000 BTC or $8.8 billion to the concerned.
(Except for the headline, this story has not been edited by The Technology Express staff and is published from a syndicated feed)
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