In today’s bitcoin and cryptocurrency news, discover about in a concept note on central bank digital currency (CBDC), the Reserve Bank of India (RBI) claims private cryptocurrencies undermine India’s financial and macroeconomic stability. While, bitcoin fell 0.6% in 24 hours to $19,384.99. 0.4% higher than last week. Ethereum is trading at $1,312.65, down 1.2% from yesterday. Up 0.1% from last week. Their market caps are $371.6 and $158.73 billion. Otherwise, FTX’s debit card is in the US. Visa-powered FTX debit cards target Latin America, Asia, and Europe. Despite the bear market, Visa has 70 crypto partnerships. And Huobi Global’s founder is considering selling his majority stake to About Capital Management (HK) Co. About Capital may acquire the company.
Private Cryptocurrencies Threaten Financial Stability
Original Source: Private crypto coins undermine financial stability: RBI note
A Reserve Bank of India (RBI) concept note on central bank digital currency (CBDC) flags concerns posed by private cryptocurrencies, claiming they undermine India’s financial and macroeconomic stability due to their negative effects on the financial sector.
“Further, a larger spread of cryptocurrencies could decrease monetary authorities’ power to determine and regulate monetary policy and the monetary system of the country, threatening the financial system’s stability.
The central bank has opposed private cryptocurrencies, and RBI Governor Shaktikanta Das remarked in June that cryptocurrencies are a clear hazard and anything that generates value from make-believe without any underlying value is essentially speculation with a fancy name.
Private crypto currencies harm financial stability: RBI
Delhi: A Reserve Bank of India (RBI) concept note on central bank digital currency (CBDC) flags concerns posed by private cryptocurrencies, claiming they undermine India’s financial and macroeconomic stability due to their negative effects on the financial sector.
“Further, a larger spread of cryptocurrencies could decrease monetary authorities’ power to determine and regulate monetary policy and the monetary system of the country, threatening the financial system’s stability.
The central bank has opposed private cryptocurrencies, and RBI Governor Shaktikanta Das remarked in June that cryptocurrencies are a clear hazard and anything that generates value from make-believe without any underlying value is essentially speculation with a fancy name.
Authorities are working on steps to control cryptocurrencies, but global cooperation is essential as one country’s efforts would not be sufficient. Next year’s G20 discussions under India’s chairmanship could include the subject.
“Cryptocurrencies are designed to bypass established and regulated intermediation and control arrangements,” the RBI stated in a letter posted Friday.
It added CBDCs are the next step in the evolution of sovereign money. In India, it’s called e (digital Rupee) and is similar to bank notes, but it’s easier, faster, and cheaper to use. It offers all the transactional benefits of other digital money, says the central bank.
RBI will shortly begin its pilot launches.
Dogecoin, Tether, Bitcoin, Ethereum Rates
Original Source: Today’s cryptocurrency prices: Check rates of Dogecoin, Tether, Bitcoin, Ethereum
Bitcoin has lost 0.6% in the previous 24 hours to $19,384.99. Compared to last week, it’s up 0.4%.
The second most popular token, Ethereum, is down 1.2% from yesterday and trading at $1,312.65. From last week, it’s up 0.1%.
Their market capitalizations are $371.6 billion and $158.73 billion, respectively.
Altcoins
How are the values of other prominent cryptocurrencies today?
BNB is trading at $276.19, 1.9% lower than yesterday and 2.4% down since last week.
XRP’s price is $0.55 after losing 1.7% in the previous 24 hours. Compared to last week, it’s up 7.8%.
Cardano and Dogecoin are trading at $0.44 (down 0.8%) and $0.066 (down 1.3%), respectively.
Other tokens
Solana is up 0.2% since last week.
Solana, Polka Dot, Shiba Inu, and Polygon are presently selling at $32.53 (down 1%), $6.31 (down 0.6%), $0.000011 (down 0.7%), and $0.88 (down 1.8%), respectively.
Looking at the weekly chart, Solana is up 0.2% and Polka Dot is up 0.7%.
Shiba Inu has lost 1.5% in the last week, while Polygon is up 5.9%.
Data
Here are our top 5 gainers of the day.
The top five 24-hour gainers are Quant, Bitcoin Gold, Terra Classic, Bitcoin SV, and XDC Network. They trade at $153.98 (up 10.83%), $21.05 (up 4.27%), $0.00022 (up 3.48%), $50.07 (up 2.79%), and $0.033 (up 1.9%)
Stable token
What is the status of popular stablecoins?
A stablecoin is a cryptocurrency with negligible volatility. Its value is connected to a real-world asset such as fiat cash or gold.
Some popular tokens, Tether, USD Coin, and Binance, are trading at $0.99 (flat), $0.99 (down 0.1%), and $1 (up 0.1%), respectively. Terra Classic is listed at $0.00022 (up 3.66%).
Data
The top 5 losers of the day
eCash, Helium, Huobi Token, Reserve Rights, and Uniswap fell the most. They are trading for $0.000044 (down 4.87%), $4.62 (down 4.18%), $4.13 (down 3.8%), $0.0077 (down 3.59%), and $6.52 (down 3.11%).
Rankings
Here are the main cryptocurrency spot exchanges
Looking at traffic, liquidity, trading volumes, and confidence in the legality of trade volumes, the top three cryptocurrency spot exchanges are Binance, FTX, and Coinbase Exchange.
Binance and FTX experienced 24-hour volumes of $5.63 billion (up 54.03%) and $0.4 billion (up 68.8%), respectively. Coinbase Exchange recorded $0.52 billion, up 62.6% from yesterday.
DeFi
Today’s leading DeFi tokens
DeFi, short for decentralized finance, refers to all global peer-to-peer financial services on public blockchains.
Dai, Uniswap, Avalanche, Wrapped Bitcoin, and Chainlink are prominent DeFi tokens.
They are trading at $0.99 (up 0.01%), $6.52 (down 0.21%), $16.76 (up 0.21%), $19,377.75 (up 0.04%), and $7.46 (up 0.32%), respectively.
NFTs Take a look at the top 5 NFT tokens today.
Non-fungible tokens (NFTs) are cryptocurrencies that lack the fungibility property, meaning they cannot be exchanged for other tokens.
Flow, ApeCoin, Tezos, Chiliz, and Decentraland are famous NFT tokens.
They are trading at $1.68 (down 0.05%), $5.17 (up 0.39%), $1.41 (up 0.13%), $0.22 (up 0.21%), and $0.66 (up 0.09%), respectively.
Market outlook
Total cryptocurrency market capitalization
The worldwide crypto market valuation is $939.38 billion, up 0.76 percent over the last day.
The overall crypto market volume over the last 24 hours is $32.92 billion, a 37.29% rise.
Last month, the worldwide crypto market valuation reached $982.76 billion, compared to $956.07 billion three months before.
FTX Launches Debit Cards in 40 Countries With Visa
Original Source: FTX partners with Visa to launch its debit cards in 40 countries
The cryptocurrency exchange FTX has partnered with Visa Inc. (NYSE:V) to expand its debit card program into 40 countries. Visa, one of the world’s major electronic cash transfer companies, is expected to help FTX offer debit cards globally, starting in 40 nations.
FTX previously launched its debit card in the US and wants to expand the program despite the bear market.
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FTX debit cards
The 40 nations FTX is targeting are in Latin America, Asia, and Europe.
The debit card will allow crypto transactions without any hassle. The card will be linked to the user’s FTX account where crypto assets are held, enabling direct crypto transactions. This eliminates the requirement for users to relocate their crypto holdings from the exchange to transact.
FTX wants to start rolling out debit cards in Latin America as soon as possible before moving to Europe by 2022. The final implementation will be throughout Asia by the end of 2023.
Visa’s engagement with FTX indicates its conviction in crypto despite present market conditions. In an interview with CNBC, Visa CFO Vasant Prabhu said:
“Despite falling prices, there’s still enthusiasm in crypto. We don’t have an opinion on the worth of cryptocurrency or whether it’s a good thing in the long run — as long as people want to buy products, we want to facilitate it.
Despite Visa’s attempts into crypto, the Visa stock has been dropping since 2022.
FTX native token surged after the news
Following news of the cooperation with Visa on Friday, the price of FTX’s native token, FTT, rose sharply. FTT price jumped over 8% immediately after the news to trade at $24.8.
However, at press time, FTT was trading at $24.43.
Prior to the news, FTT had been in the same boat as other crypto assets that have seen large declines in recent months.
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Huobi Global Will Sell Its Shares to About Capital
Original Source: Huobi Global, a cryptocurrency exchange, will sell all of its shares to About Capital
Huobi Global, the top cryptocurrency exchange in China, said its founder is considering selling his controlling stake to About Capital Management (HK) Co.
The company is about to be acquired by About Capital.
Huobi has altered since abandoning the local market when Beijing banned cryptocurrency.
According to the release, After the transaction is complete, About Capital’s buyout vehicle will possess the majority of Houbi founder Leon Li’s shares.
Ted Chen launched About Capital in Hong Kong. Ted Chen also created the Chinese hedge fund Greenwoods Asset Management.
Today, the business stated that About Capital had bought the complete shareholding.
According to insiders, the company’s founder, Leon Li, was also attempting to sell a $3 billion majority interest for over $1 billion. The amount of the transaction is unknown. About Capital is the lead stakeholder.
Huobi said this modification will not affect its core operations or business management employees.
What changes are expected
After the deal is finalized, About Capital will help Huobi with continuous marketing efforts to expand worldwide and with other business expansion projects. After the procedures are implemented, Huobi Global will be able to offer premium trading and investment services to foreign clients.
About Capital’s global strategic advisory board will be led by notable industry luminaries. About Capital has also committed to other projects, including developing a margin and risk provision fund and improving the exchange’s competitiveness.
After Huobi Global got famous, Beijing banned all cryptocurrency transactions in 2021. The main company, Huobi Group, manages a variety of cryptocurrency-related enterprises, including Huobi Global.
It’s a division of Huobi Ventures, a venture capital firm. A cryptocurrency cloud service is part of the other crypto organization. The third largest bitcoin exchange, Huobi Global, worked with Busan to develop a blockchain ecosystem.
Huobi said their relationship would assist them execute technological, financial, and R&D work for the Busan Digital Currency Exchange. The cryptocurrency site Huobi will also help identify blockchain professionals for the Busan exchange.
Summary of today’s Bitcoin and Cryptocurrency news
To sum it up, in a letter posted Friday, the RBI said cryptocurrencies are designed to bypass intermediation and control arrangements. CBDCs are the next step in sovereign money, it said. In India, it’s called e (digital Rupee) and is easier, faster, and cheaper than bank notes. The central bank says it offers all the benefits of digital money.
In addition, Global crypto market cap is $939.38 billion, up 0.76 percent from yesterday. The 24-hour crypto market volume is $32.92 billion, up 37.29%. Three months ago, the global crypto market cap was $956.07 billion.
Meanwhile, Visa’s partnership with FTX shows its confidence in crypto despite the market. In an interview with one of the media outlets, CNBC, Visa CFO, Vasant Prabhu, said: “Even though values have come down there’s still steady interest in crypto.
Lastly, cryptocurrency exchange Huobi Global is selling its entire stake to About Capital.
