Economic Survey Skips Cryptos, Sanjeev Sanyal Says It's Still Being Debated By Govt; Shiba Inu, Bitcoin Fall

Principal economic advisor Sanjeev Sanyal says the cryptocurrency issue has not been covered in the Economic Survey 2021-22 as discussions are on. Meanwhile, Bitcoin fell 2.51 per cent in the last 24 hours, whereas Shiba Inu was down by 5 per cent.

Outlook Money Team

Updated on: 31 January 2022 7:01 pm

bitcoin

While addressing a press conference, principal economic advisor, Sanjeev Sanyal said that they have not covered the cryptocurrency issue in the Economic Survey 2021-22. "This issue is a matter of some debate both inside the government ministry of finance and even in parliament. We understand the various issue of cryptos such as financial stability and this is a balanced view from our side," said Sanyal.

In the meantime, the price of Bitcoin was down by 2.51 per cent and was trading at $37,066.04 at 5:45 pm, while its dominance in the crypto market is currently at 41.81 per cent, up by 0.24 per cent in the last 24 hours.

Ethereum (ETH) was trading at $2,532.97, with a fall of 3.22 per cent in the last 24 hours, while Binance Coin (BNB) was down by 3.56 per cent over the same period and was trading at $370.84. Solana (SOL) down by 5.38 per cent to $90.76 and Cardano (ADA) was down by 4.27 per cent to $1.02.

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Meme Coins

All major meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), Dogelon Mars (ELON), and Samoyedcoin (SAMO) have witnessed a fall in the last 24 hours.

Dogecoin was down by 3.21 per cent while trading at $0.1381 at 5:45 pm. Rival Shiba Inu was down by 5.02 per cent and was trading at $0.00002075, Dogelon Mars fell by 6.51 per cent and was trading at $0.00000084, while Samoyedcoin was trading at $0.02375 and recorded a fall of 6.31 per cent.

Overall Scenario

The global crypto market cap was $1.69 trillion, registering a decrease of 2.52 per cent in the last 24 hours, while the total crypto market volume was $58.04 billion, down by 1.01 per cent.

Shoppi Coin (SHOP) became the biggest gainer, recording a rise of 869.61 per cent; it was trading at $0.001963 at 5:45 pm. On the other hand, AnonToken (ANT) witnessed maximum loss, falling 100.00 per cent; it was trading at $0.000000000000167.

Latest Update

In a recent announcement, Visa, a global payment network company revealed that during an earnings call its customers made $2.5 billion in payments using its crypto-linked cards during the first fiscal quarter of 2022 that ended on December 31, according to various media reports.

Moreover, South Korean online gaming company Netmarble announced plans to launch about a dozen new games that use blockchain and metaverse technologies, Forbes reported.