Cryptocurrencies on October 7: Bitcoin, Coinswitch Kuber, NFTs hit headlines

Bitcoin trading above Rs 42 lakh

Most cryptocurrencies are trading mixed on October 7. The global cryptocurrency market capitalisation is currently $2.28 trillion, up 2.78 percent in the past 24 hours. The total cryptocurrency market volume over the last 24 hours is $145.32 billion, an increase of 30.89 percent. Bitcoin's price is currently just above Rs 42 lakh (around $56,000) and its dominance is 45.27 percent, an increase of 1.70 percent over the day. 


CoinSwitch Kuber turns unicorn, raises $260 million from Coinbase Ventures, a16z

Cryptocurrency exchange Coinswitch Kuber on October 6 said it has raised over $260 million led by new investors Coinbase Ventures and top Silicon Valley fund Andreessen Horowitz (a16z), bumping up its valuation four times in six months to $1.9 billion. Existing backers Tiger Global, Sequoia Capital and Paradigm invested as well. The deal makes CoinSwitch India's second cryptocurrency unicorn and 30th unicorn of 2021 in a record year for startup fundraising. Unicorns are private companies valued at a billion dollars or more. 

Dolce & Gabbana just set a $6 million record for fashion NFTs 

The digital world’s cancellation of Dolce & Gabbana after a series of offensive statements about race, sexuality and size, which reached its apogee in 2018 when the fashion house released a video in China featuring a Chinese model clumsily eating spaghetti with chopsticks, appears to have reached a multimillion-dollar end. Collezione Genesi, conceived with and auctioned by UNXD, a curated marketplace for digital luxury and culture, was said to be the most complex fashion NFT created and offered so far.

India's cryptocurrency market grew 641% last year


India's cryptocurrency market expanded 641 percent in the past year, driving growth of digital currencies in central and Southern Asia, according to a report by Chainalaysis. The cryptocurrency market in Pakistan expanded by 711 percent last year, the report added. Three countries from the Central & Southern Asia and Oceania (CSAO) region are part of Chainalysis' Global Crypto Adoption Index - Vietnam at number one, India at two, and Pakistan at three.


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