Cryptocurrencies are a small part of the financial system at present, but their full use is not known, says Financial Stability Board. Bitcoin sees price drop 0.45 per cent but Shiba Inu rises more than 3 per cent
The $2.6 trillion crypto market is a small part of the globe’s total financial system, but it can grow fast and regulators need to be prepared to face any challenges that cryptocurrencies may pose, the Financial Stability Board (FSB), which is risk monitoring agency for the G20 economies, said on Wednesday.
Financial With large and small financial institutions such as banks and hedge funds becoming more involved with crypto-assets in complex investment strategies, the risk has increased, the FSB stated in its report.
While regulators around the world, including India, try to firm up their respective crypto policies, politicians are wooing voters with pro-crypto announcements. For example, all of South Korea’s presidential candidates have announced crypto-friendly stances in a bid to win over young voters ahead of the election on March 9, CoinDesk reported.
In India, the Reserve Bank of India (RBI) has been critical about cryptocurrencies, with both RBI Governor and Deputy Governor criticising the volatility of the crypto markets. These remarks from RBI have upset the crypto industry. They have suggested that the RBI, at the very least, hold debates and talks at various forums before coming to a final decision.
Top Crypto Coins
Bitcoin, the world’s oldest cryptocurrency, saw its prices fall by 0.45 per cent to $44,092.59, according to CoinMarketCap. Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, saw its price increase by 1.25 per cent to $3,136.53. Among other major coins, Cardano (ADA) was up by 0.36 per cent at $1.09, Algorand (ALGO), which is known as the Ethereum killer, was up by 6.96 per cent at $1.00; its market cap was at $6,620,854,000.
Meme Coins
Dogecoin (DOGE) was down by 0.59 per cent at $0.1492. Its volume to market cap ratio stands at 0.03121. Rival Shiba Inu (SHIB) was up by 3.40% per cent at $0.00000005844, at 5.49 pm IST, according to CoinMarketCap data.
In the DeFi segment, YFI (yearn.finance) was trading with a loss of 0.13 per cent at $23,884.58. Avalanche (AVAX) climbed 6.93 per cent at $94.23.