Venezuela Pegs Minimum Wage To Official Cryptocurrency Petro; Bitcoin, Shiba Inu Fall 5%

Venezuela, which suffered seven years of recession and then hyperinflation in the past, has announced its plan to peg its national minimum wage rate to its official cryptocurrency Petro. It was decided that the new monthly minimum wage would be 126 Venezuelan bolivars and 50 per cent of this wage would be pegged to Petro, Bloomberg reported.

Meanwhile, the global crypto market cap decreased by 4.43 per cent to $1.74 trillion at 8.59 am. The global crypto volume too decreased by 2.42 per cent to $83.42 billion, as per Coinmarketcap data. 

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Cryptocurrency Prices

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $39,062.47, lower by 5.69 per cent in the last 24 hours.

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“Bitcoin dipped slightly below $40,000. A similar decline can be seen with Ether. Technical indicators are majorly neutral for Bitcoin. However, a huge loss of upside momentum on long-term charts indicates continuous selling pressure,” says Gaurav Dahake, CEO and founder, Bitbns.

Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, was also down by 3.6 per cent at $2,618.25.

1/ #Algorand continues to deliver the technology required to power applications & solutions of the future with the latest protocol release hitting MainNet today 👉 https://t.co/9uGfzCO7qI pic.twitter.com/7mE08SLwZn

— Algorand (@Algorand) March 2, 2022

Among other major coins, Cardano (ADA) was down by 4.37 per cent at $0.8333, Algorand (ALGO) by 1.75 per cent at $0.7499, Binance Coin (BNB) by 4.69 per cent at $374.41, Solana (SOL) by 4.34 per cent at $87.32 and Polkadot (DOT) was trading lower by 4.41 per cent at $16.57.

Today’s top gainer was Krause (KRAUSE), which was up by 3847.82 per cent at $20.03. The top loser was Spook Inu (SINU), which was down by 100 per cent at $0.00000000008281.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 5.29 per cent at $0.1255. Its volume to market cap ratio stands at 0.03397. Rival Shiba Inu (SHIB) also fell by 5.21 per cent at $0.0000000004129.

Dogelon Mars (ELON) was trading with a loss of 1.83 per cent at $0.0000007582. Floki Inu (FLOKI) was also down by 6.14 per cent at $0.00003411, while Samoyed Coin (SAMO) lost 3.30 per cent at $0.01899.

In the DeFi segment, YFI (yearn.finance) was trading with a loss of 7.46 per cent at $19,684.05, while Terra (LUNA) was down by 11.76 per cent at $81.94. Avalanche (AVAX) fell 3.01 per cent at $75.33, Uniswap (UNI) lost 3.24 per cent to trade at $8.88, and Aave (AAVE) declined 2.83 per cent to $124.83.

Latest Updates

The Venezuelan Petro sovereign cryptocurrency is based on the DASH blockchain and it can also be purchased using cryptocurrencies like BTC and Litecoin (LTC). Nicolas Maduro, President of Venezuela was quoted as saying by Bloomberg, “You proposed to set the worker’s basic minimum wage to half a Petro, approved!”

Meanwhile, Algorand (ALGO) has announced a major technical protocol upgrade to their blockchain which will essentially allow it to be run on various low power devices like mobile phones and smartwatches. Along with this announcement they also announced a $20 million incentive program from the Algorand foundation focused on developer’s assistance and compatibility with the Ethereum Virtual Machine.