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Daily Crypto News Feb 2, 2022: Top 3 crypto updates for today

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Crypto is on News again, not that it does not have a reason but because it has finally made it to India’s Parliament. In today’s crypto news, it’s a hay day for all the crypto believers, investors, and traders as the Union Budget talked about crypto and blockchain-based digital assets. It also talked about introducing Digital Rupee. This day shall be etched in the history of Indian Crypto space, right investors? 

Moving back to the global crypto news, Solana Labs has launched its payment protocol known as Solana Pay. Using this payment protocol merchants and consumers can directly accept crypto payments. It will aid in direct acceptance of USDC stablecoin, Solana’s native token SOL, and other assets based on the Solana blockchain. 

The hype around NFT has been crazy since the last year. In January, OpenSea recorded its all-time high transactions. Along with this and other factors such as increased activity on the Uniswap decentralized exchange and Ethereum transactions, the total amount of Ethereum burned in the previous month was worth $1.096 billion. Read more on this crypto news below.  

Quick Crypto News Roundup! 

Daily Crypto News  Feb 2, 2022

India Finance Minister: Blockchain-based digital Rupee for India 

The Honourable  Finance Minister of India, Nirmala Sitharaman confirmed yesterday at the Parliament budget session that the Reserve Bank of India (RBI) shall issue a digital rupee based on the blockchain while she introduced the budget for the financial year 2022-23. 

The minister during her speech acknowledged that Digital currency shall also lead to a more efficient as well as cheaper currency management system, It was in the month of October 2021 that the Central Bank proposed amendments to the Reserve Bank of India Act, 1934 to include digital currencies in the definition of “banknotes”. The RBI also voiced its opinion on the need for central bank digital currency (CBDC) while the parliament was mulling a ban altogether on the use of cryptocurrency. 

Source: Forkast 

Solana Pay Launched, a payment protocol for digital commerce

Solana Labs has launched a payment protocol known as Solana Pay that shall allow merchants to accept crypto payments directly from their customers. Solana Pay will aid in the direct acceptance of USDC stablecoin, Solana’s native token SOL as well as other Solana-based tokens available on the Solana blockchain. According to Solana Labs, the transactions shall be instant and the merchants will receive real-time payments. 

Another advantage of this payment system is lower costs due to Solana’s low fees. The main aim of this payment protocol is to provide seamless on-chain transactions to the consumers and merchants just how they do with cash. This in turn shall drive innovation and this is why Solana Pay allows developers to build new commerce experiences on it. 

Source: The Block

$1B worth of ETH burnt in 30 days due to high NFT transactions 

According to the latest data from Nansen Analytics, $1.096 billion worth of Ethereum (ETH) was burnt in the past 30 days. With the latest introduction of EIP-1559 the last August, a portion of fees is taken out from the circulation periodically for every transaction that occurs on the Ethereum blockchain. Although sending and receiving Ethereum does not cost much, other tasks such as minting non-fungible tokens (NFTs) through smart contracts require high gas fees. 

The total volume of NFT transactions on the NFT marketplace OpenSea has hit an all-time high in January which was around $3.5 Billion. It ranks one in the burn leaderboard compiled by Ultra Sound Money. The other places have been occupied by Ethereum transactions and activity on decentralized exchange Uniswap (UNI). Despite all this Ethereum still is an inflationary blockchain network. 

Source: Cointelegraph 

Crypto Market Trend February 2, 2022

Here is a quick summary of the top crypto gainers and losers for the day. 

Top 3 Crypto Gainers 

Cryptocurrency  Price (latest by February 2, 2022)  Change in % 
Ethereum Classic (ETC) ₹2251.93 10.27%
Quant (QNT) ₹8312.86 9.33%
Kusama (KSM) ₹13773.18 7.84%

*All Prices are latest by 11:30 AM February 2, 2022.*

Top 3 Crypto Losers 

Cryptocurrency  Price (Latest by February 2,  2022)  Change in % 
Loopring (LRC) ₹74.60 5.96%
Civic (CVC) ₹22.31 4.8%
Flow (FLOW) 520.27 3.33%

*All Prices are latest by 11:30 AM February 2, 2022.*

Read: LUNA vs AVAX: Comparative Analysis 

Read: 8 cryptos with Low transaction Fees 2022

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