Crypto on Jan. 31: Market In Red As Bitcoin, Ether Plunge; Slight Improvement Since Last Week

The cryptocurrency market was trading in the red Monday as top coins Bitcoin and Ethereum plunged. The global market cap was down 2.99% at $1.68 trillion as of 3:45 a.m. ET.

Bitcoin was down 2.29% at $37,168. However, it was trading 6.09% higher compared to the previous week, CoinMarketCap data showed. Ethereum too plunged 3% but was trading 5.55% higher compared to last week.

While all top 10 coins traded in the red and meme cryptos Shiba Inu and Dogecoin slid, the market did see a slight improvement since last week.

Meanwhile in Russia, the country's central bank is exploring ways to regulate digital assets instead of imposing a blanket ban, something which it had considered earlier. This, industry leaders say, will protect the use and development of digital finance.

"As the crypto industry matures, smart regulations are important to protect users and companies alike while continuing to encourage innovation in the industry — this is especially necessary as our future becomes increasingly more entrenched in digital," CoinDCX told International Business Times.

In other news, the Cyberspace Administration of China (CAC) announced the beginning of an effort to expedite blockchain development and innovation across 15 zones and 164 entities aimed at large-scale implementation of blockchain technology in the country.

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.