Bitcoin, Ethereum Fall 5%, Shiba Inu Crashes 12%; Jamaican CBDC Gets A New Name

Bitcoin, Ethereum, Shiba Inu, Doge fall as global crypto market crashes. Jamaica announces a name for its CBDC project, JAM-DEX.

Outlook Money Team

Updated on: 22 February 2022 10:05 am

Major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Shiba Inu (SHIB) and Dogecoin (DOGE), fell up to 12 per cent on Tuesday, while the global crypto market cap crashed by 5.97 per cent at 8.31 am, as per Coinmarketcap data. The crypto market trading volume was up 43.17 per cent at $101.39 billion.

In other news, Jamaican CBDC (central bank digital currency) got a new name, JAM-DEX, while Goa-based edtech company BrightChamps has started accepting cryptos as a payment option for its courses.

As the saying goes, "Mi inna mi ackee!"... With the completion of our CBDC name, logo, tagline and image design competition - Bank of Jamaica's digital currency now has a name! See the press release for full details: https://t.co/YqFKi1BV0G #BoJspeaks #CBDCJa pic.twitter.com/fqXglyAJBH
— Bank of Jamaica (@CentralBankJA) February 17, 2022

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Cryptocurrency Prices

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $37,012.81, lower by 5.52 per cent in the last 24 hours.

Ethereum (ETH), the second largest cryptocurrency by market capitalisation, was also down by 5.18 per cent at $2,579.71.

"Bitcoin is down by 6.4%, currently trading below $37,000. Ether has retraced by 7.1%, trading at about $2,500. Other major cryptocurrencies are in the negative as well," says Gaurav Dahake, CEO and founder, Bitbns.

Among other major coins, Cardano (ADA) was down by 12.76 per cent at $0.8427, Algorand (ALGO), which is known as the Ethereum killer, was also down by 9.07 per cent at $0.7914; its market cap was at $5,176,888,012. Binance Coin (BNB) was down by 8.66 per cent at $356.93, while Solana (SOL) was also down by 12.37 per cent at $83.48 and Polkadot (DOT) by 7.88 per cent at $16.23.

Today’s top gainer was OBRok Token (OBROCK), which was up by 673.87 per cent at $0.000002931. The top loser was Ladyminers (YTTRIUM), which was down by 85.1 per cent at $0.02288.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 9.02 per cent at $0.1289. Its volume to market cap ratio stands at 0.05491. Rival Shiba Inu (SHIB) also fell 12.45 per cent at $0.00002355.

Dogelon Mars (ELON) was trading with a loss of 9.39 per cent at $0.0000007628. Floki Inu (FLOKI) was also down by 11.57 per cent at $0.00003516, while Samoyed Coin (SAMO) lost 7.8 per cent at $0.01944.

In the DeFi segment, YFI (yearn.finance) was trading with a loss of 9.21 per cent at $19,497.08, while Terra (LUNA) was down by 0.14 per cent at $50.54. Avalanche (AVAX) was down by 14.42 per cent at $69.66, Uniswap (UNI) lost 12.27 per cent to trade at $8.48, and Aave (AAVE) declined 9.04 per cent to $129.42.

Latest Updates

The Bank of Jamaica has finalised a name for their CBDC (Central Bank Digital Currency), JAM-DEX, which stands for Jamaica Digital Exchange. Jamaica concluded its CBDC trial on December 31, 2021, and now they have finalised its name and tagline which is ‘No Cash No Problem.’

BrightChamps, owned by Singapore-based BrightChamps Edtech Pte Ltd, has partnered with Triple-A, a Singapore-based crypto payment processor, to enable payments for its courses via crypto. They also intend to allow Indians to pay via crypto for their courses too. In a press release, Ravi Bhushan, CEO and founder of BrightChamps, said, “We hope that by enabling crypto payments, we will be able to make our offerings accessible to a wider audience around the world,” as per various media sources.