Bitcoin maintains stability; crypto market cap falls


BTC stays steady while the global crypto market cap dips

Cryptocurrencies traded lower on February 9, as the total crypto market cap fell by 2.32% to $1.06 trillion. The 24 hour total trading volume for digital assets also increased by 7.61%.

Decentralized finance (DeFi) tokens accounted for $5.82 trillion of the total trading volume, representing 91.27% of the total market. The total volume of stable coins currently stands at $52.29 billion, which is also 91.27% of the total crypto market 24-hour volume.

The price of Bitcoin, the most valuable cryptocurrency, remained relatively stable around Rs 19.40 lakh and its dominance in the market increased by 0.15%, per Coinmarketcap.

Recently, it was announced that the US Securities and Exchange Commission (SEC) will include Bitcoin in its annual budget, to be released later this month.

The Securities and Exchange Commission (SEC) have recently announced their priorities for 2023, with a particular focus on crypto assets. This has caused crypto brokers and advisers to be more cautious when offering advice or making recommendations on digital assets.

At 8:40 a.m. on February 9th, the top cryptocurrency prices (sourced from WazirX) were as follows: Bitcoin was at 19,38,914, Ethereum at 1,39,300, Tether at 85.92, Cardano at 33.60, Binance Coin at 27,350.52, Ripple at 33.1605 and Polkadot at 573.97. All prices had declined slightly except for Bitcoin which had risen 1.08%.

It is clear that crypto advisers and brokers need to be extra vigilant about their advice and recommendations when it comes to digital assets, as the SEC has set out their priorities for 2023. It is also evident from the current prices that the crypto market cap is slipping, with all prices except Bitcoin declining slightly.

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