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Bitcoin, Tether To Be Used Alongside Swiss Franc in Switzerland's Lugano; Crypto Market Falls

Bitcoin, Tether and Lugano own LVGA Points token to be part of the legal payment mechanism in the Switzerland city.

Lugano, Switzerland’s ninth-largest city, wants to become Europe’s crypto capital by establishing them as a legal tender. It has entered a partnership with Tether (USDT stablecoin issuer) to establish Bitcoin, Tether and Lugano's own LVGA Points token as a legal payment mechanism in the city. These cryptos will be accepted alongside the Swiss Franc, reported Coindesk.

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Meanwhile, Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), is leading an investigation on whether creators and marketplaces of non-fungible tokens (NFTs) are violating the law or not, according to a Bloomberg report. The US SEC suspects certain NFTs are being used to raise money from the public just as a company does when issuing shares. So, they have decided to pursue investigating this matter.

The global crypto market cap declined by 5.02 per cent to $1.82 trillion, while the crypto trading volume was down 9.93 per cent at $85.44 billion, at 9.01 am, as per Coinmarketcap data.

Cryptocurrency Prices

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $41,339.59, lower by 5.51 per cent in the last 24 hours.

Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, was also down by 6.75 per cent at $2,727.12.

Among other major coins, Cardano (ADA) was down by 6.03 per cent at $0.8727, Algorand (ALGO) by 7.97 per cent at $0.7696, Binance Coin (BNB) by 3.43 per cent at $392.24, Solana (SOL) by 7.85 per cent at $91.02 and Polkadot (DOT) was trading lower by 5.02 per cent at $17.33.

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Bitcoin

Today’s top gainer was Star Wars Cat (SWCAT), which was up by 4090.34 per cent at $0.00002622. The top loser was TheBoringToken (TBT), which was down by 96.01 per cent at $0.00000000008281.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 5.29 per cent at $0.1255. Its volume to market cap ratio stands at 0.03397. Rival Shiba Inu (SHIB) was also down by 5.21 per cent at $0.00002456.

Dogelon Mars (ELON) was trading with a loss of 5.73 per cent at $0.0000007709. Floki Inu (FLOKI) was also down by 11.56 per cent at $0.00003632, while Samoyed Coin (SAMO) lost 7.14 per cent at $0.01965.

In the DeFi segment, YFI (yearn.finance) was trading with a loss of 3.76 per cent at $21,208.99, while Terra (LUNA) was down by 1.66 per cent at $91.28. Avalanche (AVAX) fell 4.59 per cent at $77.61, Uniswap (UNI) lost 6.53 per cent to trade at $9.14, and Aave (AAVE) declined 4.52 per cent to $128.59.

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