Cryptocurrency Prices Today: Bitcoin, Ethereum dip marginally; Tether rises

Bitcoin's market dominance dipped 0.07 percent to 41.75 percent and the currency was trading at $38,033.97 today. (Representative image)

The global cryptocurrency market capitalisation fell 3.11 percent over the last 24 hours to $1.67 trillion while the trading volume over the same period dipped by 4.98 percent to $55.89 billion.

While decentralised finance (DeFi) accounted for 15.70 percent of the 24-hour cryptocurrency trading volume at $8.78 billion, stablecoins made up around 77.81 percent of the 24-hour trading volume at $43.49trillion. Bitcoin's market dominance rose 0.09 percent to 41.85 percent and the currency was trading at $36,898.64 today morning.

In rupee terms, Bitcoin dipped 2.12 percent to trade at Rs 29,84,544 while Ethereum decreased 2.04 percent to Rs 2,02,773.1.

Cardano dipped 3.26 percent to Rs 82.50 and Avalanche tumbled 6.3 percent to Rs 5,292.1. Polkadot fell 4.89 percent to Rs 1,416.99 and Litecoin tumbled 3.27 percent to Rs 8,510.46 over the last 24 hours. Tether increased 0.61 percent to Rs 80.73

Memecoin SHIB dipped 4.5 percent while Dogecoin fell 2.9 percent to trade at Rs 11.09. Terra (LUNA) dipped by 9.17 percent to Rs 3,625.2.

The Cyberspace Administration of China (CAC) announced the commencement of an in-house effort to expedite blockchain development and innovation across 15 zones and 164 entities. The initiative aims for the large-scale implementation of blockchain technology across businesses and government organisations in China.

The CAC, along with other government agencies, directed the regulatory authorities to “promote the intensive and balanced layout of blockchain technology infrastructure in the region, form a large-scale production-level cross-chain data exchange support capability, and promote the formation of a multi-party collaborative blockchain industry ecology.”

Recently, the United States Securities and Exchange Commission rejected Fidelity’s application for a Bitcoin ETF. Notably, Fidelity already stewards over $4 trillion worth of assets, having launched a similar ETF product in Canada in 2021.