Doge up 7% on Tesla News; Swiss National Bank Says CBDC Experiment Successful

The global crypto market failed to maintain the upward momentum it maintained for two consecutive days. Data from Coinmarketcap as of 8:29 a.m. showed that the global crypto market capitalization was down 1.9% to $2.03 trillion. However, the trading volume increased by 1.88% to $101.80 billion, which could indicate that some crypto traders are recording their short-term profits.

The Swiss National Bank announced in a statement on Thursday that it had successfully concluded the experiment on CBDC (central bank digital currency) transactions that were conducted at the end of the fourth quarter of 2021 between it and five other banks. The five other banks that were part of this experiment were: Citi, Credit Suisse, Goldman Sachs, Hypothekarbank Lenzburg and UBS. The experiment was a success and did not entail any financial loss for the participants. Read more about India’s possible position on the CBDC here.

The oldest cryptocurrency in the world, Bitcoin (BTC), fell 1.98% to $42,734.29. The fight continues, as evidenced by trading volume data, which rose 1.5% to $44,849,596,023.

“Bitcoin tumbled after recent gains, hiding around $42,000, after rumors of a possible cryptocurrency ban in Pakistan. The market is at the height of fear, especially regarding monetary policy This underlying anxiety will most likely lead to price volatility in the near future,” says Gaurav Dahake, CEO of Bitbns.

The fight also continues for its closest rival Ethereum (ETH). It was down 1.83% at $3,273.10. Its volume to market capitalization ratio was 0.03941.

Cardano (ADA) is down 4.91% at $1.25. Algorand (ALGO), known as the Ethereum killer, is down 5.01% at $1.37; its market cap now stands at $8,881,827,178

Among other major coins, Binance Coin (BNB) is up 0.31% at $479.59, while Solana (SOL) is down 1.35% at $147.49. Polkadot (DOT) is up 3.22% at $27.56.

Today’s top gainer was Gomics (GOM) which rose 2169.84% to $0.04114. The big loser was Fesschain (FESS), which saw its entire value erode by 100%.

Coins And DeFi Memes

The Doge literally stole the show. Dogecoin (DOGE) is up a massive 7.05% to $0.1767 amid bearish market sentiments. Its volume to market capitalization ratio is 0.1147. A Twitter user discovered source code from Tesla’s website showing it was actively testing the DOGE payment option for merchandise purchases. This may be the news that investors are reacting to, which could push its prices up.

Rival Shiba Inu (SHIB) is down 5.87% at $0.00002995. ELON is trading with a loss of 6.41% at $0.000001275, Floki Inu is also down 3.68% at $0.00007069, while Samoyed Coin (SAMO) is down 15.40% at $0.02594.

In the DeFi segment, YFI (yearn.finance) was trading with a loss of 3.85% at $31,981.89, Terra (LUNA) was down 1.32% at $79.15, Avalanche (AVAX) was up 4.06% at $89.73, Uniswap (UNI) was currently down 1.34% at $15.72, while Aave (AAVE) was down 1.96% at 210, $21.

Latest updates

Ahead of India’s 2022 budget, there was speculation in the community regarding the IRS (IT department) seeking to tax earnings made by employees of various cryptocurrency exchanges, many of whom paid part of their compensation under the form of crypto tokens, the Economic Times reported.

Meanwhile, Russian chess grandmaster Garry Kasparov believes that cryptocurrency is the future of global development. He reportedly said, “I believe you are protected by the limited number of codes behind a respective cryptocurrency,” Coindesk reported.