Bitcoin at Rs 16.42 lakh

The global crypto market cap is $982.96 billion, which is a 0.71 per cent increase over the last day. The total crypto market volume over the last 24 hours is $47.93 billion, a 7.47 per cent increase. The total volume in DeFi is currently $3.59 billion, 7.50 per cent of the total crypto market 24-hour volume. The volume of all stable coins is now $44.61 billion, which is 93.08 per cent of the total crypto market 24-hour volume. The price of Bitcoin hovered over Rs 16.42 lakh. Its dominance is currently 38.72 per cent, a decrease of 0.11 per cent over the day, according to CoinMarketCap. Read full here

Owner of Mercado bitcoin 2TM undergoes second round of layoffs

The parent company of Latin American exchange Mercado Bitcoin, 2TM, has announced a second round of layoffs as companies continue cutting back amid crypto winter. According to Bitcoin Portal, a Brazilian cryptocurrency publication also owned by 2TM, the company let go of 15% of its employees due to continued "adversity in the economy." The publication stated that it “regrets the loss of colleagues.” Previously, 2TM claimed that the competitive environment for exchanges was "unfair" without the approval of a legal framework for digital assets in Brazil, with companies that abide by the law being penalized compared to those that don’t. Read details here

DeFi speculators awaiting Arbitrum token flock to GMX

Arbitrum, one of the most popular Ethereum Layer 2 scaling solutions, successfully launched its Nitro upgrade this past week. Although the release brought many significant improvements, a native Arbitrum token was not one of them. As investors wait for Arbitrum to launch its own token, perpetual futures exchange GMX—one of a few native projects built on Arbitrum—has meanwhile become a popular DeFi trading exchange. Arbitrum is based on what is known as an "optimistic rollup," a type of data compression technique where many blockchain transactions are 'rolled up’ into a single transaction to save processing time and fees. Take a look