European Central Bank To Accelerate Digital Euro CBDC Efforts; Bitcoin Falls 8%, SHIB 3%

European Central Bank will accelerate its digital Euro CBDC research work, while eBay might start offering a digital wallet service by Q2 2022. Major cryptocurrencies, including Bitcoin and Shiba Inu, fall.

Outlook Money Team

Updated on: 11 March 2022 4:19 pm

European Central Bank’s President Christine Lagarde says that she fully supports the accelerated research and development work on digital euro, a Central Bank Digital Currency (CBDC). Meanwhile, American e-commerce company eBay hinted about starting a digital wallet service for various digital assets.

The global crypto market cap decreased by 3.92 per cent to $1.73 trillion at 9.44 am. The global crypto volume too decreased by 2.96 per cent to $89.36 billion, as per Coinmarketcap data.

Cryptocurrency Prices

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Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $38,656.84, lower by 5.18 per cent in the last 24 hours.

Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, was also trading lower by 4.08 per cent at $2,549.50.

Among other major coins, Cardano (ADA) was down by 3.98 per cent at $0.7912, Algorand (ALGO) by 5.22 per cent at $0.7132, Binance Coin (BNB) by 4.22 per cent at $368.62, Solana (SOL) 4.17 per cent at $81.67 and Polkadot (DOT) fell 1.15 per cent at $17.03.

Today’s top gainer was QATAR 2022 TOKEN (FWC), which was up by 2462.52 per cent at $0.0000000002621. The top loser was Spook Inu (SINU), which was down by 100 per cent at $0.0000000002958.

President @Lagarde on the ECB’s latest monetary policy decisions.

Watch the full press conference here https://t.co/zcGKMTnuvc pic.twitter.com/2WJZRTm2C2
— European Central Bank (@ecb) March 10, 2022

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 2.62 per cent at $0.1158. Its volume to market cap ratio stands at 0.0319. Rival Shiba Inu (SHIB) also was down by 3.43 per cent at $0.00002214.

Dogelon Mars (ELON) was trading with a loss of 4.56 per cent at $0.0000006924. Floki Inu (FLOKI) was also down by 3.33 per cent at $0.00002921, while Samoyed Coin (SAMO) lost 3.3 per cent at $0.01851.

In the DeFi segment, YFI (yearn.finance) was trading with a loss of 4.76 per cent at $18,657.26, while Terra (LUNA) was surprisingly up by 1.53 per cent at $96.35. Avalanche (AVAX) lost 0.52 per cent to $74.37, Uniswap (UNI) lost 3.57 per cent to trade at $8.55, and Aave (AAVE) lost 5.35 per cent to $116.03.

Latest Updates

The European Central Bank’s (ECB) digital euro task force started its two-year-long investigation process regarding a Euro CBDC back in October 2021. But now due to sudden changes in global situations like the recent Russia-Ukraine war and others, ECB is looking to accelerate the research and development process. Coindesk quoted Lagarde as saying, “I think we have to be a little bit ahead of the curve if we can be on that front. So, I hope we can accelerate the work. I will certainly support that.”

eBay, which once dominated e-commerce, is making another bid to regain lost ground and establish itself among the Gen-Z and millennials by taking a series of steps. As part of that, they started NFT buying and selling on their platform from May 2021. Now they have hinted about launching a ‘Digital Wallet’ sometime around Q2 2022. Jamie Iannone, the CEO of eBay, was quoted as saying by Coindesk, “eBay is continuing to look at new forms of payment to add now that we’ve got the rollout of global payments complete.”