Bitcoin, Ether Slightly Down, Solana Up Nearly 4%

Cryptocurrency (Representative image)

Cryptocurrency prices continue to be in the red on October 9. The global cryptocurrency market cap is $2.29 trillion, a 0.42 percent decrease over the last day, while the total crypto market volume over the last 24 hours is $115.94 billion, which makes a 7.09 percent decrease.

Bitcoin’s price is currently $53,920.32 and its dominance is currently 44.53 percent, an increase of 0.04 percent over the day.

Cryptocurrency exchange Coinswitch Kuber, on October 8, announced the onboarding of Bollywood actor and youth icon Ranveer Singh as its first-ever brand ambassador.

Through this association, CoinSwitch Kuber aims to leverage Ranveer Singh’s mass appeal, along with his popularity among Gen Z and millennial customers.

Singh will feature in three ad films for CoinSwitch Kuber’s ongoing ‘Kuch Toh Badlega’ campaign, which is premised on the possibility of change as one becomes a part of something bigger by entering the crypto world. The first ad film is already uploaded on the company’s YouTube channel.

“The ad films will drive the narrative of the potential of cryptocurrency to become the preferred

choice of investment for the diverse Indian population, especially those living in tier 2 and tier 3 cities,” the company said in a statement.

Each of the ad films is designed to convey a different key trait of the CoinSwitch Kuber platform, it said.

Meanwhile, Stablecoin Tether went under intensifying regulatory and public wrath following reports that no independent entity could validate the $69-billion reserves backing the coin.

“Exactly how Tether is backed, or if it’s truly backed at all, has always been a mystery. For years, a persistent group of critics has argued that, despite the company’s assurances, Tether Holdings doesn’t have enough assets to maintain the 1-to-1 exchange rate, meaning its coin is essentially a fraud,” a Bloomberg report said.

Essentially, stablecoins, just like their name, are designed to have a stable value, pegged to a commodity, crypto, or fiat currency. Tether is pegged to the US dollar. It means the coin requires complete cash-backing for each of its issuances.

In 2021, the company has issued 48 billion Tethers, valued at $1 each. Despite persistent assurance reports from the company, the picture remained hazy. Does the company have adequate financial backing to support all these issues? What happens if all individuals decide to liquidate their investment the same day? The firm has no clear, pointed answer.

Hitting back at this “tired” attempt to undermine the credibility and authenticity of the stablecoin and citing its quarterly assurance reports and audits, Tether claimed that its USDT tokens are fully backed by the dollar.

As off 7.40 am on October 9, these are the prices of the largest cryptocurrencies (data from coinmarketcap.com):

S. No. Name Price 24h % 7d % Market Cap Volume(24h) Circulating Supply
1 Bitcoin
BTC
$53,920.32 -0.57% 13.00% $1,017,792,832,363 $34,790,855,187
643,946 BTC
18,838,387 BTC
2 Ethereum
ETH
$3,551.85 -1.18% 7.84% $420,054,496,207 $16,085,623,648
4,512,945 ETH
117,849,508 ETH
3 Cardano
ADA
$2.23 -2.09% -0.20% $71,613,066,870 $2,002,055,932
895,675,497 ADA
32,038,100,544 ADA
4 Binance Coin
BNB
$420.00 -3.62% 0.63% $70,942,514,671 $2,768,938,035
6,562,511 BNB
168,137,036 BNB
5 Tether
USDT
$1.00 -0.01% -0.01% $68,403,048,819 $79,755,352,780
79,751,996,262 USDT
68,400,170,064 USDT
6 XRP
XRP
$1.06 -0.87% 3.31% $49,767,817,379 $2,553,025,377
2,401,076,312 XRP
46,805,773,456 XRP
7 Solana
SOL
$156.89 1.39% -2.11% $47,125,136,005 $2,799,505,185
17,787,656 SOL
299,426,382 SOL
8 USD Coin
USDC
$1 -0.01% 0.03% $32,903,246,398 $2,660,540,423
2,660,917,991 USDC
32,907,915,837 USDC
9 Polkadot
DOT
$33.21 -1.36% 2.80% $32,804,960,191 $1,536,258,436
46,248,404 DOT
987,579,315 DOT
10 Dogecoin
DOGE
$0.24 -0.29% 10.27% $31,968,303,989 $1,956,286,022
8,053,843,239 DOGE
131,610,462,914 DOGE