Myanmar Military Proposes Crypto Ban, Bitcoin, Shiba Inu Fall

The Myanmar military is proposing legislation to ban Virtual Private Networks(VPNs) and crypto through new cyber security law, The Register reported. According to the recent drafted bill, with VPN users being sentenced to 1 to 3 years, fine up to 5 million Myanmar Kyats while with crypto may face six months to one year of imprisonment and fine. 

In the meantime, the price of Bitcoin was down by 5.51 per cent and was trading at $33,729.27 at 5:30 pm IST, while its dominance in the crypto market is currently at 41.65 per cent, up by 0.77 per cent in the last 24 hours. 

Ethereum (ETH) was trading at $2,239.41, with a fall of 10.44 per cent in the last 24 hours, while Binance Coin (BNB) was down by 10.15 per cent over the same period and was trading at $344.02. Solana (SOL) was down by 17.82 per cent to $83.82 and Cardano (ADA) fell by 12.05 per cent to $0.9869. 

Meme Coins 

All major meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), Dogelon Mars (ELON), and Samoyedcoin (SAMO) have plunged in the last 24 hours. 

Dogecoin was down by 6.77 per cent while trading at $0.1297 at 5:30 pm. Rival Shiba Inu was down by 13.49 per cent and was trading at $0.00001961, Dogelon Mars fell by 12.26 per cent and was trading at $0.0000006884, while Samoyedcoin was trading at $0.01265 and recorded a fall of 11.54 per cent. 

Overall Scenario 

The global crypto market cap was $1.54 trillion, registering a decrease of 7.06 per cent in the last 24 hours, while the total crypto market volume was $96.28 billion, up by 9.09 per cent. 

En- Tan – Mo (ETM) became the biggest gainer, recording a rise of 555.30 per cent; it was trading at $0.03709 at 5:30 pm. On the other hand, AutoMatic Network ( AUMI) witnessed maximum loss, falling 99.91 per cent; it was trading at $0.001717.  

Latest Update 

British heavy metal legend Ozzy Osbourne recently forayed into the NFT sector with his CryptoBatz collection, which comprises a series of 9,666 digital bats designed after Osbourne’s persona. Just two days after Osbourne’s digital collectibles opened for sale, people complained about a potential phishing scam linked to CryptoBatz. It is noteworthy that the scam link that is reportedly draining crypto wallets was visible in tweets shared by official account of Osbourne’s NFT project, NDTV reported.  

Moreover, Dozens of crypto YouTubers and Indian cryptocurrency exchanges had their accounts hijacked by cyber criminals on Monday morning, Indian Express Reported. The hackers have posted unauthorised videos with text directing viewers to send money to the hacker’s wallet.