Bitcoin Recovers, Shiba Inu Down More Than 6%; Bank of Korea Says CBDC Trial Successful

The global crypto market today recovered slightly after witnessing a massive broad-based sell-off which resulted in losses to the tune of approximately $500 billion of investors' wealth. At 8.29 am, the global crypto market cap is up by 3.5 per cent at $1.63 trillion, Coinmarketcap data showed. The crypto trading volume is up by 52.63 per cent at $127.84 billion.

Meanwhile, the Bank of Korea concluded their first phase of the trial run of CBDC (Central Bank Digital Currency) successfully. Based on the success of the first trial run, the bank said that it is going to test the CBDC project’s performance in real-time financial conditions during a second trial run scheduled in June. The bank was quoted as saying in a report by Coindesk, “The CBDC works normally under test conditions.” Read more about India’s possible take on CBDC here.

Prices of Bitcoin (BTC), the world’s oldest cryptocurrency, recovered to trade currently at $36,266.84, up by 2.64 per cent in the last 24 hours.

“Major altcoins are in the red, at the moment. The crypto market fluctuations are majorly a result of the global risk appetite and other market dynamics across the world,” says Gaurav Dahake, CEO and founder, Bitbns.

Ethereum (ETH), however, is trading with a loss of 1.7 per cent at $2,405.18. Its trading volume jumped by 73.39 per cent to $27,906,472,497.

Among other major coins, Cardano (ADA) was down by 2.89 per cent at $1.04. Algorand (ALGO), which is known as the Ethereum killer, is down by 4.10 per cent at $0.9083; its market cap is now at $5,942,083,764. Solana (SOL) is down by 1.72 per cent at $90.17 and Polkadot (DOT) is up by 0.59 per cent at $17.92.

Binance has recently signed a deal to sponsor Argentina’s National Soccer Team for a period of five years. However, this news failed to cheer investors’ sentiment and, hence, prices of Binance Coin (BNB) were down by 2.42 per cent at $363.67 at 8.29 am.

Today’s top gainer was En-Tan-Mo (ETM), which is up by 1136.43 per cent at $0.03872. The top loser was NinjaFloki (NJF), which is down by 98.21 per cent at $0.0000004403.

Meme Coins And DeFi

Dogecoin (DOGE) is down by 1.96 per cent at $0.1364. Its volume to market cap ratio stands at 0.08104. Rival Shiba Inu (SHIB) is also down by 6.29 per cent at $0.00002068.

Dogelon Mars (ELON) is trading with a loss of 8.04 per cent at $0.0000007551. Floki Inu (FLOKI) was, however, up by 15.98 per cent at $0.00004347, while Samoyed Coin (SAMO) was also up by 0.5 per cent at $0.01359.

In the DeFi segment, YFI (yearn.finance) was trading with a loss of 1.48 per cent at $23,845.84. Terra (LUNA) is down by 3.41 per cent at $64.00, Avalanche (AVAX) is up by 2.39 per cent at $63.17.

Uniswap (UNI) is down by 1.55 per cent at $10.66, while Aave (AAVE) is up by 0.64 per cent at $151.21.

Current Update

BSN (Blockchain-Based-Service-Network) which was set up with China government's help, has announced the launch of an NFT (non-fungible token) platform. But this NFT platform is not based on any public decentralized blockchain network; rather it is based on several open blockchains which were approved by the Chinese government, reported Coindesk.