On January 10, cryptocurrencies mixed in the early hours. The global cryptocurrency market capitalization is $1.97 trillion. This represents a 0.13 percent rise over the previous day. The crypto market’s total volume for the last 24 hours was $71.09billion, which is a 22.95% decrease. DeFi currently has a total volume of $13.29 Billion, which is 18.69 percent the total 24-hour volume. All stablecoin volume is currently at $54.76 billion. This is 77.04% of the total cryptocurrency market 24-hour volume. Bitcoin currently has a price of Rs 33.90 lakh and its dominance at 40.33 percent. This is a decrease by 0.16 percent from the previous day.
PayPal is making inroads into the cryptocurrency market. It allowed people to purchase and sell cryptocurrency and to make transactions in 2020. However, the service is only available to US citizens. According to Jose Fernandez da Ponte (PayPal’s senior vice-president of crypto and digital currencies), the company is currently exploring ways to create its own stablecoin. Stablecoins can be described as an offshoot or derivative of digital currency that is tied to the price of a stable asset such as the dollar, rupee, or the value a tangible commodity. These assets can be redeemed.
In 2021, the crypto industry grew tremendously with El Salvador adopting Bitcoin as its legal tender. This was also accompanied by a surge of institutional money in this sector. NFTs were a big trend in 2021, with Beeple selling digital artwork worth $69 million and play-to-earn games entering the market. Interview with Karthik Iyer, a Blockchain expert. He shares deep insights on crypto trends in 2022, including the future of Ethereum, and other blockchains. GameStop, the largest video game retailer, has already made more than 20 employees as part of a new unit which will be solely focused on this platform. According to Decrypt, a cryptocurrency news site, rumors of major video game and gaming merchandise retailers entering the NFT space have been circulating since last year. The company posted job listings in 2021 that indicated they were looking for “exceptional engineers and designers, gamers, marketers, and marketers” to join an Ethereum-based NFT project.