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

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.

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.

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.