Crypto price update: Bitcoin falls below $30,000; Ethereum, Avalanche down by up to 5%

After a thin weekend trading, cryptocurrencies traded in the red early on Monday. The global crypto market cap dropped by 1.95 percent to $1.27 trillion over the last day. Major cryptos such as Bitcoin are trading low by 2.52 percent, Ethereum is down by 1.97 percent, Tether USDT is down by 0.02 percent, and Avalanche is down by 5.7 percent at the time of reporting as per data from coinmarketcap.com.

The total volume in DeFi currently stands at $9.64 billion which is 11.49 percent of the total crypto market 24-hour volume. The volume of all stable coins stood at $73.66 billion, which is 87.81 percent of the total crypto market's 24-hour volume.

Bitcoin, currently at $29,393.08, is showing a consistent drop and its dominance has decreased by 0.29 percent over the day to 44.23 percent.

Other major cryptos such as Solana traded at $49.8 reflecting a 4.12 percent drop. Stellar traded at $0.1308 reflecting a 3.59 percent drop and Polkadot traded at $10.00, a 1.33 percent drop.

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Meme coins also traded in red early on Monday. Dogecoin traded at $0.08406, about 2.04 percent in red and Shiba Inu traded at $0.00001189 with a marginal 24h drop.

Meanwhile, market regulator Securities and Exchange Board of India (SEBI) has suggested to the parliamentary committee that ‘prominent public figures such as celebrities, sportsmen, etc., should not be allowed to endorse any crypto products. SEBI mentioned that several first-time investors who fell for the glittery advertisements took a hit after the downward fall of cryptocurrencies as per a Times of India report.

SEBI has said that prominent public figures should be held responsible for making such endorsements that may be a possible violation of the Consumer Protection Act or other laws.

Currently, cryptos are unregulated and are only deemed as Virtual Digital Assets (VDA) for taxation purposes.

SEBI has also mentioned that cryptos are not classified as securities under the Securities Contracts (Regulation) Act as crypto assets are a tokenized version of assets that can’t be construed as securities. Therefore, it has highlighted the need for feature-based characterization of these tokenized versions of assets to bring supervision from different sectoral regulators, India Today reported.

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