Cryptocurrency Prices Today: Markets ring in red as Bitcoin, Ethereum fall

The IMF has said that El Salvador should dissolve the $150 million trust fund it created when it made the cryptocurrency Bitcoin legal tender and return any of those unused funds to its treasury. (Representative image)

The global cryptocurrency market capitalisation dipped 3.30 percent over the last 24 hours to $1.96 trillion while trading volumes were up 46.41  percent to $113.88 billion.

While decentralised finance (DeFi) accounted for 12.41 percent of the 24-hour cryptocurrency trading volume at $14.13 billion, stablecoins constituted 82.49 percent at $93.94 billion. Bitcoin's market dominance rose by 0.40 percent to 41.80 percent and the currency was trading at $43,191.13 on the morning of February 11.

In rupee terms, Bitcoin fell 1.64 percent to trade at Rs 34,29,969, while Ethereum dipped 4.4 percent to Rs 2,42,883

Cardano fell 3.06 percent to Rs 90.54 and Avalanche tumbled 0.84 percent to Rs 7,100. Polkadot tumbled 5.25 percent to Rs 1,622.21 and Litecoin was down 4.3 percent to Rs 10,365 in the last 24 hours. Tether was up 0.79 percent to Rs 79.22.

Memecoin SHIB fell 6.83 percent, while Dogecoin decreased by 4.52 percent to trade at Rs 12.02. Terra (LUNA) fell 6.16 percent to Rs 4,154.62

Tim O’Reilly, the internet guru and the man who coined the term Web 2.0, does not sound like a big fan of Web3.

“The metaverse itself is full of bubble hype,” he said. “The Meta Quest2 [the VR headset previously called Oculus], they're selling a bunch of 'em, but the technology is a long way from prime time,” he said. And while O’Reilly recognizes that the cryptocurrency and NFT space is booming, he believes its growth may be unsustainable: “... I believe that it really is a pretty serious speculative bubble on a very small foundation,” he mentioned.

A bill for a digital euro will be proposed early 2023, EU finance bigwigs announced yesterday. In an announcement first reported by Politico, EU finance chief Mairead McGuinness said that the European Union would formally consider legislation around a digital euro next year.

A digital euro would be the EU's version of a central bank digital currency (CBDC). A CBDC is a digital version of a fiat currency (like the euro or U.S. dollar), backed by a central bank. In this case, the European Central Bank would issue a digital version of the euro.

As of 7:40 am, these were the prices of various cryptocurrencies in the Indian market (Data from WazirX.com)