Top cryptocurrency news on January 11: The biggest moves in crypto, NFTs and more – Moneycontrol

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Last Updated : January 11, 2022 / 09:29 AM IST
Top cryptocurrency news on January 11: The biggest moves in crypto, NFTs and more
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day

Market Buzz
Bitcoin trading above Rs 33 lakh

Cryptocurrencies traded in the red early today with the global crypto market capitalisation standing at $1.96 trillion, a 0.46 percent decrease over the last day. The total cryptocurrency market volume over the last 24 hours stands at $102.90 billion, a 44.45 percent increase. The total volume in DeFi is $16.54 billion, which is 16.08 percent of the 24-hour volume of the total crypto market. The volume of all stablecoins is $80.92 billion, which is 78.64 percent of the total. Bitcoin‘s price is currently Rs 33.83 lakh. The crypto accounts for 40.77 percent of the 24-hour volume of the total crypto market, an increase of 0.45 percent over the day. Read more here.

Big Story
Cryptocurrency-based crimes pegged at $14 billion in 2021

Cryptocurrency-based crime hit a high in 2021, with transactions involving illicit addresses receiving $14 billion over the year, up from $7.8 billion in 2020, blockchain data firm Chainalysis said. However, as a percentage of cryptocurrency transaction volumes, the share of fraudulent transactions shrank to a record low of 0.15 percent in 2021, the firm said in a blog on its website, previewing its 2022 Crypto Crime Report due out in February. Across all cryptocurrencies tracked by Chainalysis, the total transaction volume grew to $15.8 trillion in 2021, a six-fold increase from 2020’s totals. The yearly trends suggest that crime is becoming a smaller part of the cryptocurrency ecosystem – except for 2019, an outlier year largely due to the PlusToken Ponzi scheme. They also show that law enforcement’s ability to combat cryptocurrency-based crime is evolving. Read details here.

Explainer
What is shilling and how does it affect crypto?

Shilling refers to the increasingly popular phenomenon of promoting any crypto coin through implicit advertising. As crypto trading becomes mainstream, advertisements about cryptos have moved from being simple banners on websites to major TV ad campaigns. Social influencers create a buzz around a coin by personally endorsing it in public forums-with the pretence of unpaid promotion, when in fact he/she is being paid for his services. Usually a shill hopes to push investors to flood the cryptocurrency, raising the demand and spiking the price. Traditional financial markets have banned shilling to protect investors. Take a look.

Corporate Watch
Dream Sports CEO Harsh Jain gives a peek at their NFT ambitions & diversification strategy

Dream11 parent firm Dream Sports is eyeing a piece of the nascent Blockchain and NFT (non-fungible token) market, co-founder Harsh Jain said. NFTs are unique digital assets built on blockchain technology. “Web3 is like a fancy word that’s being thrown around right now but I think blockchain and tokenisation is here to stay forever. I think sports has a special place – NFT, moments, player cards, and the entire play-to-earn gaming side of things, where it changes the fundamental way that people consume sports and play games” Jain said during a fireside chat with Filter Capital’s co-founder and managing partner Sumit Sinha at the 26th Wharton India Economic Forum. Moneycontrol was the first to report on Dream11’s NFT plans on November 18, 2021. Read more here.
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