The global crypto market capitalisation surged 5.58 percent over the last 24 hours to stand at $2.58 trillion. Bitcoin, currently trading at $57,563.20 saw a rise in its market dominance by about 0.23 percent over the last day to stand at 42.20 percent.
The total cryptocurrency trading volume over the last 24 hours was $111.08 billion, increasing by 6.42 percent. While DeFi ($17.05 billion) accounted for 15.35 percent of the total crypto volume, stablecoins ($87.25 billion) made for 78.55 percent of the crypto market's 24-hour market volume.
As for major cryptocurrencies, Bitcoin rose by 6.18 percent, in addition to Ethereum ($4,333), which surged by 7.45 percent. Binance Coin ($614.04) also rose by around 4.42 percent. Additionally, Solana ($202.03), Cardano ($1.61), Avalanche ($112.84) and Polkadot ($36.54) also rose by 7.83 percent, 6.66 percent, 4.69 percent, and 7.08 percent respectively. Memecoins SHIB and DOGE also surged around 5.47 percent and 3.44 percent respectively to trade below $0.
As India deliberates on implementing crypto regulations amidst the winter session of the parliament, Singapore-based virtual currency exchange Coinstore has launched its web and app platforms in India, along with planning branches in Bangalore, New Delhi and Mumbai.
While various media outlets have reported that the legislation effectively plans to bar all private cryptocurrencies, India will have to also align with the Financial Action Task Force (FATF) guidelines that were issued last month with regards virtual assets (cryptocurrencies) and virtual asset providers (cryptocurrency exchanges), in a bid to build a coordinated effort towards countering money laundering and terrorism. The countries will be evaluated on the revised metrics, incorporating their performance in this space as well.WazirX)
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