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Cryptocurrency Prices Today April 27: Bitcoin slumps, Dogecoin biggest laggard

Bitcoin's price is currently Rs 31.15 lakh, with a dominance of 41.22 percent. This is a 0.03 percent decrease over the day

April 27, 2022 / 08:39 AM IST

Cryptocurrencies traded in the red early on April 27 as the global crypto market cap dropped 5.64 percent over the last day to $1.76 trillion. On the other hand, total crypto market volume over the last 24 hours declined 3.16 percent to $94.95 billion.

The total volume in DeFi stood at $11.41 billion, 12.01 percent of the total crypto market 24-hour volume. The volume of all stable coins stood at $80.22 billion, which is 84.50 percent of the total crypto market 24-hour volume.

Bitcoin's price is currently Rs 31.15 lakh, with a dominance of 41.22 percent. This is a 0.03 percent decrease over the day, according to data from CoinMarketCap.

In international developments, more workers in the United States may soon be able to stake some of their 401(k) retirement savings to bitcoin, as cryptocurrencies crack even deeper into the mainstream, AP reported.

Retirement giant Fidelity said that it is launched a way for workers to put some of their 401(k) savings and contributions directly in bitcoin, potentially up to 20 percent, all from the accounts main menu of investment options.

Fidelity said it is the first in the industry to allow such investments without having to go through a separate brokerage window, and it's already signed up one employer that will add the offering to its plan later this year.

The US in March warned the retirement industry to exercise extreme care when doing something like this, highlighting how inexperienced investors may not appreciate just how volatile cryptocurrencies can be, among other concerns.

On the corporate side, digital banking platform Revolut is working on expanding into decentralized cryptocurrency wallets and is also looking at the mortgage sector, its CEO said, as the London-based company pushes ahead with its strategy to become a so-called "superapp", Reuters reported.

Revolut, which currently offers payments services, crypto trading, savings accounts and stock trading, is focused in the short-term on expanding its remittance offerings and launching a buy now, pay later product. But the financial technology company has more work to do to become a one-stop shop for financial services, said CEO Nik Storonsky.

"For example, decentralized wallets, and enabling deposits, withdrawals of crypto [and] staking, lending, that’s another piece that we're missing and we're working on," he told Reuters.

As off 7.15 am on April 27, these are the prices of largest cryptocurrencies (data from WazirX):

Binance Coin31.411.80-2.47%
Find more blockchainbusiness and market related stories here

Moneycontrol News
first published: Apr 27, 2022 08:39 am