PM Modi Says Cryptocurrencies Should Empower Democracy, Not Undermine it; Bitcoin, Ethereum Fall – Outlook India


Emerging technologies such as cryptocurrencies should be used to empower democracy, not undermine it, said Prime Minister Narendra Modi in a virtual summit hosted by US President Joe Biden on Friday. Meanwhile, mainstream cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have continued to plummet over the last 24 hours, according to statistics from global market exchange

 “We must also jointly shape global norms for emerging technologies like cryptocurrencies and social media so that they are used to empower democracy and not to undermine it. By working together, democracies can meet the aspirations of citizens,” said PM Modi. 

 The price of Bitcoin fell 1 per cent from the last 24 hours and was trading at $48,194.82. Meanwhile, Bitcoin’s dominance in the crypto market is currently at 41.05 per cent, up by 0.81 per cent in the last 24 hours, data from showed.

 Ethereum was trading at $3,987.36 and fell by 4.87 per cent in the last 24 hours, while Binance Coin (BNB) fell 3.63 per cent over the same period and was trading at $561.79. Solana (SOL) was trading at $168.64, falling 7.84 per cent, and Cardano (ADA) fell 6.24 per cent to $1.23.

 Meme Coins

Dogecoin (DOGE), Shiba Inu (SHIB), Dogelon Mars (ELON), and Samoyedcoin (SAMO) have all had their prices drop in the last 24 hours.

 Dogecoin witnessed a fall of 3.84 per cent and was trading at $0.1653 at 8:30 am. Rival Shiba Inu was down by 3.59 per cent and was trading at $0.00003392, Dogelon Mars fell by 4.94 per cent and was trading at $0.000001132, while Samoyedcoin was trading at $0.03804 and recorded a fall of 11.34 per cent.

 Overall Scenario

 The global crypto market cap was $2.21 trillion, registering a decrease of 3.05 per cent in the last 24 hours, while the total crypto market volume was $106.58 billion, up by 1.46 per cent.

 RPS League( RPS) became the biggest gainer, recording a rise of 7712.62 per cent; it was trading at $3.90 at 8:30 am. On the other hand, ALL BEST ICO (ALLIB) witnessed maximum loss, falling 94.22 per cent; it was trading at $0.00207.

 Latest Update 

 2TM, a Softbank-backed Brazilian company that runs Latin America’s largest cryptocurrency exchange, has formed a venture capital arm focused on blockchain companies around the world, said the company’s chief executive officer Roberto Dagnoni in an interview, Reuters reported.

 “2TM Ventures, the firm’s new unit, has so far invested $32 million across a portfolio of 10 companies in the crypto universe,” Reuters quoted Dagnoni as saying.

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