Ethereum co-founder Vitalik Buterin said on Thursday that he does not expect the cryptocurrency asset to take over the world and replace traditional, government-backed currencies. The crypto markets are trading on a volatile note. Market caps of cryptocurrencies globally erased early gains and sold off Bitcoin and Ethereum as their bearishness continued.
“I don’t expect cryptocurrencies to take over the world,” Buterin said at the VivaTech conference in Paris, adding, “It’s about crypto and digital and government.”
As reported by Reuters, Buterin said that the increasing use of Bitcoin And other cryptocurrencies, coupled with inflation that has eroded the purchasing power of many people’s savings denominated in dollars, euros or sterling, has fueled speculation that cryptocurrencies may become a normal part of life.
According to CoinMarketCap data, global crypto market The cap stands at $909.84 billion which is down 0.53% from the previous day. While the total volume of the crypto market in the last 24 hours is $104.38 billion, which is a decrease of 2.16%.
Furthermore, the total volume of DeFi currently stands at $8.42 billion, which is 8.07% of the total 24-hour volume of the crypto market. The volume of all stablecoins is now $90.76 billion, which is 86.95% of the total 24-hour volume of the crypto market.
Crypto markets traded positively in the first half of the day, reflecting its tough approach to battling multi-decade high inflation rates, after the US Fed raised its interest rate by 75 basis points, the biggest in 28 years. gives a signal.
Bitcoin and Ether ended their early gains and were trading in the red.
Bitcoin, the crypto leader, traded at around $21,150, down 1.3%. Ether is down more than 1% and is near $1,115.
In the last seven days of the session, as of Thursday, Bitcoin is down over 30% and Ether is down over 38%.