The crypto market is in the red with the total market volume standing at 94.94 billion dollars, a 19.89 percent decrease on a 24-hour basis. With a market dominance of 43.13 percent, Bitcoin is currently trading at 64,591 dollars, while Ethereum, with a 19.4 percent share of the market, is trading at around 4,600 dollars. Solana rose around 5.50 percent within the last 24 hours and at present, trading at 238 dollars.
In terms of DeFi, the total volume is at 12.10 billion dollars, which comes down to 12.75 percent of the total crypto 24-hour volume. Stablecoin volume stood at 72.63 billion dollars, around 76 percent of the 24-hour trading volume.
Bitcoin is also expected to receive the much-anticipated Taproot upgrade activation this weekend, which, notably is the most significant enhancement since its block size increase in 2017.
Reportedly, the upgrade will boost its functionality, effectiveness, and increase privacy, and lower transaction fees. Per reports, this will serve to expand on the suite of tools available to developers building and iterating on bitcoin.
Amidst rising deliberations of introducing cryptocurrency regulations in India, PM Narendra Modi yesterday chaired a meeting, along with RBI (Reserve Bank of India) Governor Shaktikanta Das and SEBI (Securities and Exchange Board of India) chairperson Ajay Tyagi and other officials to chart and envision the future of crypto in the country.
Along with addressing concerns over unregulated crypto markets leading to potential avenues for money laundering and terror financing, the government also addressed the non-transparent and misleading nature of cryptocurrency advertisements, which is unfairly luring the youth into believing over-promising crypto as an extremely high-return asset class.
Per reports, the cryptocurrency bill is all set to be tabled during the Budget session of the Parliament, early next year. Sources said that the government also reiterated its commitment to forging partnerships to eke out global strategies to meet the challenge of private, unregulated cryptocurrencies.
(Except for the headline, this story has not been edited by The Technology Express staff and is published from a syndicated feed)
