Cryptocurrency news: Polkadot falls 8.7%, Dogecoin drops 6.5%

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All the major cryptocurrencies were trading in red on Tuesday, with Polkadot dropping 8.72% to $28.67-levels. Dogecoin dropped 6.51% to $0.20, while XRP, Binance Coin and Solana fell 3.51%, 6.31% and 4.50% respectively. Bitcoin, which is the oldest and the biggest cryptocurrency in the world slipped by 6.41% to $42,527.10. The second largest token, Ethereum declined 5.45% to $2,993.56.

In terms of ranking, Tether USDT moved higher from the fourth position to the third position, while Cardano was pushed to the fourth position.

Cryptocurrency prices

PayPal completes launch of crypto offerings in UK

PayPal on Monday said that it has completed the launch of its cryptocurrency offerings to all of its account holders in the UK. The company announced the launch of its crypto offerings about a month ago.

The financial company’s crypto rollout in the UK is the first international expansion of the services outside of the United States.

The move will rival established cryptocurrency exchanges such as Coinbase Global Inc and fintech startups such as Revolut.

Bitcoin, Ether, Litecoin and Bitcoin Cash is available for customers, who can buy it through their PayPal wallets online or on the mobile app.

The California based company has over 400 million active accounts globally, and is one of the largest mainstream financial companies to offer consumers access to cryptocurrencies.

Hyper Fund to be under the scanner of the government

The government will be having a close watch on cryptocurrencies floating in the Indian market following an alert that agencies responsible to check financial fraud are watching a company called Hyper Fund.

Launched in mid 2020 to provide a decentralised financial infrastructure by Hyper Tech Group and is led by Ryan Xu, according to the company website. Recently, it was reported by The Economic Times, that the Multi-Level Marketing (MLM) model has been luring investors with higher returns through ponzi schemes, which alerted the authorities.

According to the publication, various states have reported complaints against such funds.