Cryptocurrency Prices Today: Market dips marginally even as Bitcoin, Ethereum dip

moneycontrol.com:

The global cryptocurrency market-capitalisation dipped by 0.12 percent over the last 24 hours to $2.06 trillion, while the trading volume also tumbled by 27.12 percent to $61.66 billion as of January 16.

While decentralised finance (DeFi) accounted for 16.08 percent of the trading volume at $9.92 billion, stablecoins made up 78.10 percent at $48.16 billion. Bitcoin's market dominance dipped 0.06 percent to 39.55 percent and it was trading at $42,990.42 today morning.

Bitcoin fell 0.6 percent to trade at Rs 34,12,779 while Ethereum dipped 0.55 percent to Rs 2,63,000.1

Cardano surged 5.53 percent to Rs 107 and Avalanche rose 0.91 percent to Rs 7,316.03, Polkadot rose 0.5 percent to Rs 2,198 and Litecoin tumbled 1.12 percent to Rs 11,620.39 over the last 24 hours. Tether dipped 0.28 percent to Rs 79.62

Memecoin SHIB fell 2.54 percent, while Dogecoin decreased by 4.11 percent to trade at Rs 14.31. Terra (LUNA) surged around 5.59 percent to Rs 6,843.4

El Salvador’s poor sovereign credit outlook is being exacerbated by the country’s Bitcoin trades, according to Moody’s Investors Service and per Bloomberg.

According to Moody's analyst Jaime Reusche, the government trading in Bitcoin is “quite risky, particularly for a government that has been struggling with liquidity pressures in the past.”

Rio de Janeiro Mayor Eduardo Paes has pledged to invest 1% of the city’s Treasury in cryptocurrencies, per Brazilian news outlet O Globo.

“We are going to launch Cripto Rio and invest 1% of the Treasury in cryptocurrency,” Paes reportedly said during the Rio Innovation Week in a talk alongside Francis Suarez, Miami Mayor.