Polygon's Sandeep Nailwal Highlights Crypto Brain Drain From India; Crypto Market Gains

Sandeep Nailwal, who co-founded Polygon in 2017 and relocated to Dubai two years ago, said India was witnessing crypto brain drain because there was still no clarity in its policies, according to a Bloomberg report. “The brain drain is absolutely crazy,” he said.

Meanwhile, in other places, governments seems to be encouraging citizens to adopt digital currencies. Jamaica Prime Minister Andrew Holness has announced via a Facebook post that the first 100,000 Jamaicans who will open their Central Bank Digital Currency (CBDC) will receive $2,500 from the government after April 1, 2022.

The global crypto market cap increased by 1.72 per cent to $1.75 trillion at 8.44 am. The global crypto volume, however, decreased by 9.82 per cent to $80.1 billion, as per Coinmarketcap data. 

Cryptocurrency Prices

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $39,122.92, higher by 2.03 per cent in the last 24 hours.

Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, was also trading higher by 1.81 per cent at $2,581.49.

“The market is witnessing sharp moves with elevated levels of volatility. Ether and other major altcoins seem to be underperforming, when compared to Bitcoin, indicating a low appetite for risk among investors,” says Gaurav Dahake, CEO and founder, Bitbns.

Among other major coins, Cardano (ADA) was up by 1.17 per cent at $0.7955, Algorand (ALGO) by 0.58 per cent at $0.7104, Binance Coin (BNB) 2.48 per cent at $375.08, Solana (SOL) 0.54 per cent at $82.00 and Polkadot (DOT) was also trading higher by 8.44 per cent at $18.22.

Today’s top gainer was ValentineDoge (VDOGE), which was up by 1017.22 per cent at $0.00000000127. The top loser was Purfect Network (PUR), which was down by 97.6 per cent at $0.000001711.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was up by 1.5 per cent at $0.1168. Its volume to market cap ratio stands at 0.02408. Rival Shiba Inu (SHIB) also gained 2.95 per cent at $0.00002245.

Dogelon Mars (ELON) was trading with a gain of 0.51 per cent at $0.0000006982. Floki Inu (FLOKI) was, however, down by 1.95 per cent at $0.00002864, while Samoyed Coin (SAMO) lost 0.31 per cent at $0.0185.

In the DeFi segment, YFI (yearn.finance) was trading with a gain of 0.61 per cent at $18,732.39. Terra (LUNA) was, however, down by 6.01 per cent at $91.72 and Avalanche (AVAX) lost 3.25 per cent to $73.01. Uniswap (UNI) gained 4.42 per cent to trade at $8.80, and Aave (AAVE) went up 3.33 per cent to $119.28.

Latest Updates

Nigel Clarke, Minister of Finance and the Public Service, Jamaica, said in a press release, “We will incentivize corner shops and informal and formal community businesses to establish… electronic wallets and to facilitate payments in JAM-DEX. Customers will be able to top-up their accounts with JAM-DEX through all authorized agents or smart ABMs using physical cash or online and do business using JAM-DEX phone-to-phone with merchants, friends, and family.”

Meanwhile, Paxos, a New York-based regulated blockchain infrastructure platform, has received in-principle approval from the Monetary Authority of Singapore (MAS) to offer cryptocurrency services.

Rich Teo, co-founder, and CEO, Paxos Asia, one of the first blockchain services providers in the world to receive regulatory approval from authorities in New York and Singapore, said in a press release, “We founded Paxos in Singapore in 2012 because of this jurisdiction's forward-thinking approach to innovation and oversight. Since then, we've distinguished ourselves globally as the most trusted blockchain infrastructure provider because we've relentlessly pursued regulatory oversight.”