Cryptocurrency news: Solana drops 13.0%, Polkadot falls 8.4%

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All the major cryptocurrencies were trading in red on Monday, with Solana dropping 13.02% to $144-levels. Dogecoin dropped 8.42% to $31.28, while XRP and Dogecoin fell 8.24% and 8.07% respectively.

Bitcoin, which is the oldest and the biggest cryptocurrency in the world slipped by 4.90% to $45,631.34. The second largest token, Ethereum declined 6.51% to $3,187.86.

In terms of ranking, Tether USDT moved from the fifth position to the fourth position and Binance Coin dropped to the fifth position from the fourth spot among the top 10 cryptocurrencies. On the other hand, USD Coin moved to the ninth position, while Dogecoin slipped to the tenth position.

Cryptocurrency prices

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.

More than 60 cryptocurrency exchanges to suspend services next week

Over 60 cryptocurrency exchanges in South Korea must notify customers by Friday midnight, of a partial or full suspension a week before a new regulation comes into effect.

By September 24, the exchanges must register with the financial intelligence unit and provide a security certificate to continue their operations without any hinderance. They must also partner with banks to ensure real-name accounts. Exchanges that are not registered by September 24 will be suspended.