Meta Joins Jack Dorsey-Led COPA; Bitcoin, Ethereum Rise Ahead of India Budget 2022

Prices of Bitcoin, Ethereum, Yfi, Aave, Elon, Ada, Shiba Inu, Dogecoin rose as much as 5 per cent as of 8.48 am ahead of the proposed India Budget 2022.

Outlook Money Team

Updated on: 1 February 2022 10:01 am

Diem cryptocurrency web template.

Meta Inc (previously Known as Facebook), after concluding the sale of its intellectual assets in the digital blockchain-based stable coin project ‘Diem’, has now joined Crypto Open Patent Alliance (COPA), a consortium of tech and crypto companies led by Jack Dorsey’s payments company, Block, reported Coindesk.

Max Sills, the general manager of COPA, was quoted as saying in the same report as, “This signifies that crypto is becoming a core technology to businesses across industries.” It was still unclear whether Diem’s patents will be shared with the alliance or not, but Meta’s crypto related patents will be added. “COPA includes all Meta’s core crypto technology patents in its portfolio,” added Sills.

Meta joins COPA's board! This is the biggest commitment to patent non-aggression in crypto to date. More coming. https://t.co/RWAg2XRcJl
— COPA (@opencryptoorg) January 31, 2022

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Meanwhile, the global crypto markets have recovered quite a bit since their low point a few days back. At 8.48 am, the global crypto market cap was $ 1.75 trillion, which is an increase of 4.97 per cent in the last 24 hours. The crypto trading volume too increased by 13.28 per cent at $63.65 billion.

The world’s oldest cryptocurrency Bitcoin (BTC) saw its prices advance by 4.03 per cent at $38,531.42.

Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, saw its prices jump by a massive 8.81 per cent to $2,736.56.

Among other major coins, Cardano (ADA) was up by 2.94 per cent at $1.05. Algorand (ALGO), which is known as the Ethereum killer, was up by 4.44 per cent at $0.9564; its market cap now stands at $6,258,752,215. Binance Coin (BNB) was up by 3.35 per cent at $381.00, while Solana (SOL) was up by a massive 15.38 per cent at $104.12 and Polkadot (DOT) was also up by 11.35 per cent at $19.50.

Today’s top gainer was Wall Street Capital (WSC), which is up by 945.94 per cent at $0.0003479. The top loser was Crypto Rocket Launch Plus (RKT), which is down by 98.08 per cent at $0.000000000007228

Meme Coins And DeFi

Dogecoin (DOGE) was up by 3.39 per cent at $0.1422. Its volume to market cap ratio stands at 0.02043. Rival Shiba Inu (SHIB) was also up by 5.34 per cent at $0.00002163.

Dogelon Mars (ELON) was trading with a gain of 4.72 per cent at $0.0000008799. Floki Inu (FLOKI) was also up by 3.87 per cent at $0.00003839, while Samoyed Coin (SAMO) was up by 15 per cent at $0.02349.

In the DeFi segment, YFI (yearn.finance) was trading with a gain of 7.85 per cent at $24,967.30. Terra (LUNA) was up by a massive 20.82 per cent at $53.14, Avalanche (AVAX) was up by 6.19 per cent at $69.48, Uniswap (UNI) was up by 11.49 per cent at $11.66, while Aave (AAVE) was up by 13.33 per cent at $163.09.

Latest Update

Today the Indian Government will present its 2022 Union Budget. Ahead of that, the Parliamentary Research and Training Institute for Democracies (PRIDE) announced that it is organising a training event for all MPs (Members of Parliament) in a hybrid delivery mechanism i.e both online and offline on February 2. This training is regarding cryptocurrencies and their impact on the Indian economy.