Over 400 Crypto Ads Breached Guidelines, Says ASCI; Bitcoin falls

The Advertising Standards Council of India (ASCI) said more than 400 cryptocurrency-related advertisements by digital influencers on different social media platforms violated their guidelines in the first five months of 2022.

Between January and May 2022, ASCI received 453 complaints. Of these, 419 violated one or more crypto or influence criteria, with the majority of complaints being filed against social media influencers, Economic period quoted ASCI CEO Manisha Kapoor.

In other news, cryptocurrency exchange Banxa (BNXA) has cut more than 70 employees in anticipation of a sharp market decline, according to the Australian Financial Review.

The change affects 30% of workers at the Melbourne-based company. When the cryptocurrency market hit an all-time high last year, the number of company employees soared to over 230.

In addition, Klaytn, a Singapore-based public blockchain platform, and OpenSea, a non-fungible token (NFT) marketplace, have established cooperation to support the Asian NFT ecosystem.

Crypto prices

The price of Bitcoin in the cryptocurrency market fell 0.04% in the past 24 hours, and it was trading at $21,420.21 as of 5:00 PM IST. According to Coinmarketcap.com, its dominance in the crypto market is currently at 42.47%, up 0.10% in the last 24 hours.

Ethereum (ETH) was trading at $1,229.04, down 1.31%, while Binance Coin (BNB) was down 0.18% in the past 24 hours, and it was trading at 239, $11. Solana (SOL) was down 0.84% ​​at $40.60, while Cardano (ADA) was up 2.32% at $0.5043.

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Dogecoin was trading at $0.07709 as of 5:30 PM IST, up 6.49% on Coinmarketcap.com. Its rival, Shiba Inu, was down 2.87% and it was trading at $0.00001143. Samoyedcoin was up 22.62% and trading at $0.008402, while Dogelon Mars was down 6.081% and trading at $0.0000003761.

Overall scenario

According to Coinmarketcap.com, the global crypto market cap was $961.17 billion, down 0.29% in the past 24 hours, while the total crypto market volume was 53. $72 billion, an increase of 11.47%.

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