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Crypto Tracker: Markets face sharp decline in trading volumes, Bitcoin holds over $20,500

The cryptocurrency market continues to face wintry sentiment from investors. On Saturday, there has been a massive decline in trading volumes which pushed the cryptocurrency market cap below $925 billion. The selloff comes after the crypto exchange Celsius voluntarily filed for bankruptcy due to illiquidity. Currently, crypto exchanges struggle with a liquidity crunch and that has led to suspending withdrawals and other mechanisms for investors. The leader of the market, Bitcoin trades over $20,500 followed by its counterpart Ethereum performing slightly over the $1,200 mark.

Both Bitcoin and Ethereum are trading marginally higher currently. As per CoinMarket data, Bitcoin is performing at $20,655.68 with a market cap of $394.33 billion, while Ether is around $1,201.73 with a valuation of 145.88 billion.

Bitcoin’s dominance is around 42.56% flat compared to the previous day.

Bitcoin has made a weekly drop of nearly 5% and Ether’s weekly downside is around 1.5%.

The overall crypto market cap is at $926.32 billion down by 1.10% over the last day. In terms of volumes, the market currently records transactions to the tune of $55.47 billion lower by 38.76% over the last 24 hours. The total volume in DeFi is currently at $5.33 billion, 9.61% of the total crypto market 24-hour volume. The volume of all stablecoins is now $50.87 billion, which is 91.71% of the total crypto market’s 24-hour volume.

In 24 hours, the top performing cryptocurrencies are – Serum surging 7.5%, Algorand gaining 4.4%, Monero XMR soaring 4.3%, Sythetix SN up over 3.9%, and Zcash advancing 2.9%. On the contrary, the top underperforming cryptocurrencies are – Quant plunging 9.75%, Convex Finance slipping over 8.5%, THORChain diving 7.3%, TerraClassicUSD (USTC) shedding 7%, and Compound tumbling over 6%.

Among the top trending cryptocurrencies in 24 hours are Terra Classic (LUNC) down 6.2% at $0.0001029, Celsius at $0.7572 lower by 4.62%, Bitcoin below 0.94%, Polygon (MATIC) at $0.6937 marginally down, and CEEK VR at $0.2866 nosediving by 19.9%.

Celsius was in a sharp rally on the previous day after the company voluntarily opted for bankruptcy. Celsius halted its withdrawals in June due to heavy losses arising from a deep depression in the crypto market on the back of macroeconomic uncertainties. Among the negative factors, Celsius pointed to crypto exchanges was the implosion of Terra LUNA (“Luna”) and its TerraUSD (UST) stablecoin (“UST”) – as it accelerated the onset of a “crypto winter” and an industry-wide sell-off in 2022.

As of July 13, 2022, Celsius’s liabilities are around $5.5 billion, and assets are valued at around $4.31 billion. Thereby, the company has a deficit of $1.19 billion on its balance sheet. But Celsius has also announced that they have ample liquidity with $167 million in cash to support operations.

Many other crypto exchanges have halted their withdrawals such as Binance, CoinFlex, Vauld, and Voyager Digital among others. The steep sell-off in the crypto market has also led to the liquidation of hedge funds like Three Capital Arrows (3AC).

Notably, Celsius’ bankruptcy comes when the value of mining rigs is nosediving with Bitcoin prices in a sharp downturn.

A latest Bloomberg report stated that the industry observers had speculated that the mining business could be for sale as a way to raise cash since Celsius halted investor withdrawals last month. Besides any bankruptcy-related complications that may now arise, a possible offloading of the rigs could prove to be troublesome. Matthew Kimmell, digital asset analyst at CoinShares said that Celsius Mining selling machines would add downward pressure to already falling machines prices.

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Bitcoin Flat at $47,000, Ether, Solana, Terra Dip Slightly

Cryptocurrency Price Today: Bitcoin on Wednesday, March 30, broke its days-long streak of recording higher prices, to stay almost flat at a little over $47,000.  In the recent days, Bitcoin price saw going up to its highest levels of the year, after its value dipped below $35,000 in the months prior to that. One unit of Bitcoin price today was standing at $47,228.22 at the time of writing this article, down slightly by 0.78 per cent in the last 24 hours. As per data by CoinMarketCap, Bitcoin price has jumped by as much as 12.61 per cent in the last seven days.

It must be noted that Bitcoin price yesterday touched a three-month high and remained above the $47,000 mark on the day.

“Bitcoin maintained a stronghold above the $47K level for the second day in a row and has been on the rise for more than a week. The RSI for BTC crossed 70 for the first time since October last year and has entered the oversold zone. We could see some profit booking at this level which inturn may pull down the prices. The 4-hourly chart for Bitcoin indicates a breakout from an ascending channel pattern. The next resistance for BTC is expected at $48,600,” said the WazirX trade desk in a note to News18.com.

Ether price today also stood almost flat at $3,300, as per data from CoinMarketCap. The price of one unit of Ethereum at the time of writing this article was standing at $3,374.90, down slightly by 0.53 per cent over the past day. In the last seven days, Ether prices shot up by 15.01 per cent, as per data.

“If the prices sustains above the current level we can expect a rally towards the psychological level of $4,000 after facing some resistance. But if it goes down then buying in the dips are in the picture too. The bulls will again try to move up the asset,” said the ZebPay trade desk.

Terra(LUNA), the decentralized financial payment blockchain network, made history  as it rallied above $109 for the first time and broke its previous all time high amidst its Bitcoin accumulation spree, the WazirX trade desk further said.

The global cryptocurrency market cap registered a loss of 0.76 per cent on the day and was standing at $2.13 trillion as all major crypto coins dipped slightly.

Here are the top 10 cryptocurrencies and their prices on March 28, 2022 (data from coinmarketcap.com)

Bitcoin $47,228.22 or 0.78 per cent loss in the last 24 hours

Ethereum $3,374.90 or 0.53 per cent gain in the last 24 hours

Tether $1.00 or 0.00 per cent gain in the last 24 hours

BNB $431.68 or 0.92 per cent loss in the last 24 hours

USD Coin $0.9998 or 0.002 per cent loss in the last 24 hours

XRP $0.8591 or 1.81 per cent loss in the last 24 hours

Cardano $1.18 or 2.58 per cent loss in the last 24 hours

Terra $105.54 or 0.55 per cent loss in the last 24 hours

Solana $109.85  or 0.71 per cent loss in the last 24 hours

Avalanche $91.80 or 2.76 per cent loss in the last 24 hours

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Bitcoin Crashes Below $37,000, Ether, Shiba Inu also Tank; Check Rates

Cryptocurrency prices today plunged with Bitcoin falling below the $37,000 level amid intensified tensions between Russia-Ukraine. The world’s largest and most popular cryptocurrency declined more than 6.43 per cent to $36,693.28. Bitcoin is down about 19 per cent in 2022 (year-to-date or YTD) so far whereas, it is still over 46 per cent far away from its record high of near $69,000 it hit in November 2021.

Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, also fell about 7 per cent to $2,533.46. Meanwhile, Dogecoin price crashed over 7 per cent to $0.12 whereas Shiba Inu also plummeted about 8 per cent to $0.000024. The performance of other coins also tanked as Solana, XRP, Terra, Avalanche, Stellar, Cardano, Polygon, Polkadot prices were trading with cuts in the range of 5-12 per cent.

The global cryptocurrency market capitalisation today remained below the $2 trillion, as per CoinMarketCap.com, as it was down over 3 per cent at $1.77 trillion, dragged by the fall in crypto prices today.

Crypto prices have tumbled since reaching record highs in early November. The recent volatility has come amid a broader market selloff driven by investors recalibrating their portfolios to account for a more aggressive Fed, which is now expected to raise rates as many as seven times this year as it fights surging inflation.

Edul Patel, CEO and Co-founder, Mudrex, said: “BTC’s support price ranges between US$30,000 to US$35,000. According to the market cap, the top altcoins also witnessed a growth over the past day. The downward trend in the crypto market over the past days is due to the ongoing tension between Russia and Ukraine alongside inflation. But today’s growth comes as a little relief to the investors. The coming days would determine if the winning streak continues or fullbacks.”

Russia’s finance ministry on Monday said it would take proposals on cryptocurrencies from the country’s central bank into account so long as they do not contradict its own approach, paving the way for legislation governing digital assets.

A simmering dispute over cryptocurrency regulation in Russia heated up on Friday as the finance ministry submitted legislative proposals to the government that clashed with the central bank’s demand for a blanket ban.

Here are the top 10 cryptocurrencies and their prices on February 21, 2022 (data from coinmarketcap.com at the time of publishing this article)

Bitcoin $36,693.78 or 6.43 per cent loss in the last 24 hours

Ethereum $2,533.46 or 7 per cent loss in the last 24 hours

Cardano $0.8354 or 13.25 per cent loss in the last 24 hours

Tether $1.00 or 0.01 per cent gain in the last 24 hours

Terra $49.85 or 1.43 per cent loss in the last 24 hours

XRP $0.682 or 13.99 per cent loss in the last 24 hours

Solana $82.80 or 12.34 per cent loss in the last 24 hours

Avalanche $68.56 or 15.61 per cent loss in the last 24 hours

Binance $1.00 or 0.04 per cent loss in the last 24 hours


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Bitcoin Trades Below $40,000, Terra, Solana Gain up to 10%; Check Prices

The majority of the cryptocurrencies were trading in the green on Monday, with Bitcoin falling below $39,500 level. The world’s largest virtual currency, in terms of market capitalisation, was up 2.07 percent at $39,256.78 at 2:00 pm, according to CoinMarketCap.

Bitcoin market cap was at $739.7 billion, while the trade volume hovered just over $20 billion. The cryptocurrency has shed nearly 7 per cent in the past seven days. Bitcoin has witnessed a volatile trend over the past year – the virtual currency oscillated between a high of $69,000 and a low level of $33,000.

Ether, the world’s second-largest cryptocurrency which is linked to ethereum blockchain, traded flat at $2,741.59. However, the virtual currency has fallen nearly 5 per cent over the past seven days.

Other cryptocurrencies such as Litcoin, XRP, Chainlink, Cardano, Polygon, Stellar, Internet Computer, Avalanche, and Terra were trading in the positive territory over the past 24 hours.

Edul Patel, CEO and co-founder, Mudrex, said: “The market is witnessing a heavy selling pressure since the past one month. This situation may be because of the ongoing tension between Russia and Ukraine alongside the inflation. The downward trend is likely to continue for few more days. The coming week would be crucial for the entire crypto spectrum.”

International Monetary Fund (IMF) Managing Director Kristalina Georgieva last week said unbacked cryptocurrencies will be no match for prudently designed central bank digital currencies (CBDCs).

Meanwhile, making a strong case for banning cryptocurrencies, RBI Deputy Governor T Rabi Sankar had said they are even worse than Ponzi schemes and threaten the financial sovereignty of a country.

L’Oreal is seeking trademarks for “digital media, namely, collectibles, art, tokens, and non-fungible tokens (NFTs); NFTs featuring collectible digital items, images, photographs, art, videos or audio recordings used with blockchain technology.”

The filings also include requests to trademark “cosmetics and makeup preparations to be sold for virtual avatars” and “retail store services and online store services in relation to virtual goods, namely, cosmetics, makeup preparations, cosmetic brushes, and makeup brushes.”

Notably, NFT collectors had been losing NFTs and Ethereum from wallets on the NFT platform OpenSea. The platform has now confirmed that what happened was a phishing attack, which saw over $1.7 million in assets shifted to the malicious wallet, now labeled Fake_Phishing5169.

OpenSea says it is “actively investigating rumors of an exploit” that occurred on the popular Ethereum NFT marketplace Saturday. Users reported that digital assets, including NFTs from the Cool Cats and Doodle collections, had been stolen.

Here are the top 10 cryptocurrencies and their prices on February 21, 2022 (data from coinmarketcap.com at the time of publishing this article)

Bitcoin $39,256.78 or 2.07 per cent gain in the last 24 hours

Ethereum $2,741.59 or 4.15 per cent gain in the last 24 hours

Cardano $0.9728 or 4.07 per cent gain in the last 24 hours

Tether $1.00 or 0.00 per cent gain in the last 24 hours

Terra $51.89 or 8.93 per cent gain in the last 24 hours

XRP $0.7933 or 1.09 per cent gain in the last 24 hours

Solana $95.08 or 10.34 per cent loss in the last 24 hours

Avalanche $84.63 or 4.59 per cent loss in the last 24 hours

Binance $1.00 or 0.04 per cent gain in the last 24 hours

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Bitcoin, Ether in the Red; Know Latest Rates

After logging decent gains over the past few days, crypto traders turned defensive as tensions between Russia and Ukraine intensified. The world’s most popular cryptocurrency was down 0.96 per cent at $40,229.01, according to coinmarketcap.com Bitcoin is down about 6 per cent in 2022 (year-to-date or YTD) so far. Bitcoin is down about 35 per cent since it peaked at almost $69,000 in November last year as risk aversion grows with the Federal Reserve and other global central banks starting to tighten financial conditions and remove pandemic-era liquidity from the system.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, also declined 5.57 per cent to $3,015.28. Similarly, Binance Coin dipped about 2 per cent to $413.

The global cryptocurrency market-capitalisation fell 1.47 percent over the last 24 hours to $1.83 trillion while trading volumes were down about 16.75 percent to $72.95 billion. While decentralised finance (DeFi) accounted for 12.29 percent of the 24-hour cryptocurrency trading volume at $8.97 billion, stablecoins constituted 80.75 percent of the same at $58.91 billion.

Lawmakers in Wyoming, USA proposed the Wyoming Stable Token Act (SF0106), which paves the way for the crypto-friendly state to launch its own dollar-pegged token.

The proposed bill is sponsored by state senators Chris Rothfuss and Tara Nethercott, along with state representatives Mike Yin and Jared Olsen. The act would allow Wyoming treasurer Curtis Meier Jr. to create a state stablecoin pegged to the U.S. dollar. The token would be redeemable for a single dollar held in trust by the state.

Senior staff at the Federal Reserve will no longer be able to hold cryptocurrencies, among other assets such as stocks, according to an announcement today.

In a statement from the Federal Open Market Committee (FOMC), the branch of the Fed that determines the direction of monetary policy, the new rules laid out for “investment and trading activity of senior officials.”

The FOMC said that senior Federal Reserve officials can no longer buy crypto, individual stocks or sector funds, or hold investments in individual bonds, agency securities, commodities, or foreign currencies. They also can’t enter into derivatives contracts, and engage in short sales or purchasing securities on margin.

Here are the top 10 cryptocurrencies and their prices on February 19, 2022 (data from coinmarketcap.com at the time of publishing this article)

Bitcoin $40,229.01 or 0.96 per cent loss in the last 24 hours

Ethereum $2,816.41 or 2.49 per cent loss in the last 24 hours

Cardano $1.01 or 2.17 per cent loss in the last 24 hours

Tether $1.01 or 0.02 per cent gain in the last 24 hours

Terra $51.95 or 2.13 per cent gain in the last 24 hours

XRP $0.7933 or 1.09 per cent gain in the last 24 hours

Solana $91.93 or 2.34 per cent loss in the last 24 hours

Avalanche $84.63 or 4.59 per cent loss in the last 24 hours

Binance $1.00 or 0.04 per cent gain in the last 24 hours

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Bitcoin Price Flat at $44,000; Ether, Dogecoin Drop; Volatility Not Over?

Bitcoin price remained flat on Thursday, February 17. However, major altcoins dropped in the last 24 hours. The world’s favourite cryptocurrency price slightly dipped by 0.23 per cent to $44,002.67 at 0830 hours on Thursday, according to CoinMarketCap. Investors remained cautious even after Russia had started pulling back its troops from Ukraine border. However, there was no official announcement from Russia regarding this. There is a growing Russian military presence at Ukraine’s borders, Western countries warned on February 17.  More armored vehicles, helicopters and a field hospital have been spotted, Britain’s defense intelligence chief said.

All eyes were on US Federal Reserve as the central bank might increase rates sooner-than-expected to tackle rising inflation. However, crypto pundits were certain that the digital currencies will not see another January-tumble anytime soon.

Bitcoin Price Outlook

Commenting about Bitcoin’s price outlook, WazirX Trade Desk said, “Bitcoin continued to hold steady around the $44,000 level. Currently, the RSI for BTC is close to 60, which indicates a strong position. On the 4-hourly time-frame, the Bitcoin trend movement is within a triangle pattern. The next resistance is expected at $46,500 and immediate support is expected at $39,300.”

Ether Price Tumbles, What Experts Say About Future

Ether, the second largest cryptocurrency by market capitalisation lost significantly in the last 24 hours. The cryptocurrency tubled 1.27 per cent to #3,125.77 in a day, according to CoinMarketCap. “Ethereum held its position above the $3,100 level for the second day in a row. On the weekly chart,

Ethereum trend indicates a re-testing of the support level. The next resistance for Ethereum is expected at $3,400. Meanwhile, Twitter enabled users to receive and send tips in Ethereum which is another huge step in terms of large corporation’s eagerness in adopting cryptocurrencies,” WazirX trade desk said.

Tether, XRP, Dogecoin all other popular cryptocurrencies extended loss in last one day. Tether dropped 0.01 per cent to settle at $1.00. BNB saw a sharp decline of 1.06 per cent to $428.24. XRP was down by 0.27 per cen to $0.8354. Cardano, another popular cryptocurrency lost 1.11 per cent to $1.09. Solana dropped 2.94 per cent, highest among top 10 cryptocurrencies to $100.48, according to CoinMarketCap.

“Russia’s next military moves continue to be closely watched worldwide as investors remain partially sceptical of a complete de-escalation of the initial tensions. Coupled with the many uncertainties of rising interest rates and quantitative tapering, the macroeconomic environment continues to be an extremely precarious one. Unsurprisingly, risk-on assets like equities and crypto have remained relatively rangebound, with speculators unwilling to take a directional view. On a broader-term basis, however, fund inflows from institutional investors into crypto indicate clear optimism on digital assets being the future of our global economy,” said CoinDCX.

The risk of Russian aggression against Ukraine would remain high for the rest of February and Russia could still attack Ukraine “with essentially no, or little-to-no, warning,” according to a senior Western intelligence official, Reuters mentioned.

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Bitcoin, Ether Gain, Solana, Avalanche Surge Over 8%; Know Rates

After a sharp selloff in the last couple of days, the cryptocurrency market found some buyers near major support levels. However, traders are still on tenterhooks over Russia and Ukraine crisis. The world’s most popular cryptocurrency was up over 4 per cent at $43,568.39, according to coinmarketcap.com Bitcoin is down about 6 per cent in 2022 (year-to-date or YTD) so far. Bitcoin is down about 35 per cent since it peaked at almost $69,000 in November last year as risk aversion grows with the Federal Reserve and other global central banks starting to tighten financial conditions and remove pandemic-era liquidity from the system.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, also declined 5.57 per cent to $3,015.28. Similarly, Binance Coin dipped about 2 per cent to $413.

Edul Patel, CEO and Co-founder, Mudrex, said: “The recent volatility may be due to a broader market selloff. The fear over a hawkish Federal Reserve is why the market juggling between high and lows. On the other side, the tensions in Ukraine could also spark general market moves in the coming weeks.”

Hackers stole $21 million in Bitcoin and $15 million in Ethereum from retirement accounts held with IRA Financial Trust on February 8, according to a report from Bloomberg based on an anonymous source. FinTech startup Gemini, which manages these individual retirement accounts in non-traditional assets, has been dealing with allegations of a major hack for nearly a week.

IRAs, or individual retirement accounts, are tax-advantaged savings instruments for U.S. workers, who can deduct their contributions from their income. For instance, if you make $60,000 but contribute $5,000 to an IRA, you’re only taxed on $55,000; you only pay taxes once you withdraw funds. IRAs allow for investments in stocks, bonds and mutual funds, but not cryptocurrencies. However, Self-directed IRAs, like the kind IRA Financial Trust offers, do.

Coinbase chief marketing officer Kate Rouch, in a recent blogpost revealed that more than 20 million people tried to access Coinbase within a minute during the super bowl night as a result of the ad. That’s more than six times higher than any previous load that Coinbase had dealt with.

Notably, the cryptocurrency exchange opted to use its 60-second window to simply display a QR code, which slowly bounced around the black backdrop much like an old DVD player screen saver. Scanning the QR code brought you to Coinbase’s site, where new users could get $15 in free Bitcoin, while existing users could sign up for a $3 million sweepstakes.

Here are the top 10 cryptocurrencies and their prices on February 11, 2022 (data from coinmarketcap.com at the time of publishing this article)

Bitcoin $43,568.39 or 4.07 per cent gain in the last 24 hours

Ethereum $3,015.28 or 5.53 per cent gain in the last 24 hours

Cardano $1.07 or 4.47 per cent gain in the last 24 hours

Tether $1.00 or 0.00 per cent gain in the last 24 hours

Terra $54.96 or 4.35 per cent gain in the last 24 hours

XRP $0.8214 or 4.22 per cent gain in the last 24 hours

Solana $100.63 or 8.17 per cent gain in the last 24 hours

Avalanche $84.21 or 8.37 per cent gain in the last 24 hours

Binance $1.00 or 0.04 per cent gain in the last 24 hours

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Bitcoin, Ether Gain, XRP Surges 8%; Know Latest Rates

The cryptocurrency market is juggling between highs and lows in recent times.  The overall crypto market volume over the last 24 hours has decreased by 22.79 per cent to $69.25 billion on Sunday. The current dominance of Bitcoin is 42.29 per cent, which is the same as the previous day.

The world’s most popular cryptocurrency was up barely 1 per cent at $42,390.92, according to coinmarketcap.com Bitcoin is down about 6 per cent in 2022 (year-to-date or YTD) so far. Bitcoin is down about 35 per cent since it peaked at almost $69,000 in November last year as risk aversion grows with the Federal Reserve and other global central banks starting to tighten financial conditions and remove pandemic-era liquidity from the system.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, also declined 0.36 per cent to $2,924.22. Similarly, Binance Coin dipped about 2 per cent to $413.

The DeFi volume is currently trading at $9.56 billion, with 13.84 per cent of the overall 24-hour volume in the crypto market. Besides, the overall volume of stablecoins is at $55.84 billion, accounting for 80.63 per cent of the total 24-hour volume of the crypto market.

The volatility traditionally associated with cryptocurrencies has been on full display in recent weeks. Bitcoin, the largest cryptocurrency, is up by around 33 per cent since January 24 rebounding from a tumble that cut its price in half from November’s record high. Its main rival, Ethereum, is up around 45 per cent since January 24, following a nearly 56 per cent nosedive from its record high of $4,868, also in November.

On Saturday, Union Minister Bhagwat Karad said that cryptocurrencies are not legal in the country at present and nothing can be said as to what would happen in this sector in the future. Notably, the Reserve Bank of India and the Union Government did not give any sort of thumbs up to cryptocurrencies and thus cannot be considered as legal, said Bhagwat Karad.

A woman in Florida bought a five-bedroom, three-and-half-bath house near Tampa, in an online auction on Thursday using non-fungible tokens or NFTs. “We truly feel that we made history, both for the real estate industry and for the crypto community,” said Natalia Karayaneva, the CEO and founder of Propy, which managed the online auction and transaction. The price was 210 Ether which is equivalent to $653,000 at the time of sale.

Here are the top 10 cryptocurrencies and their prices on February 11, 2022 (data from coinmarketcap.com at the time of publishing this article)

Bitcoin $42,390.92 or 0.71 per cent gain in the last 24 hours

Ethereum $2,924.22 or 0.36 per cent gain in the last 24 hours

Cardano $1.06 or 0.02 per cent gain in the last 24 hours

Tether $1.00 or 0.00 per cent gain in the last 24 hours

Terra $53.44 or 5.35 per cent gain in the last 24 hours

XRP $0.8224 or 8.76 per cent gain in the last 24 hours

Solana $96.37 or 1.28 per cent gain in the last 24 hours

Avalanche $81.59 or 4.24 per cent loss in the last 24 hours

Binance $1.00 or 0.04 per cent loss in the last 24 hours

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Bitcoin below $43,500, Ether, Solana, Sharply dip; Know Latest Rates

Cryptocurrency prices today plunged with Bitcoin trading below the $44,000 level in what has been a volatile week for the digital tokens. The world’s most popular cryptocurrency was down nearly 3 per cent at $$43,084.90. Bitcoin is down about 6 per cent in 2022 (year-to-date or YTD) so far. Bitcoin is down about 35 per cent since it peaked at almost $69,000 in November last year as risk aversion grows with the Federal Reserve and other global central banks starting to tighten financial conditions and remove pandemic-era liquidity from the system.

“BTC’s support price stays at US$40,000 while the resistance holds at US$46,000. As there are no signs of BTC being overbought, this situation could probably keep the buyers active in the market. According to the market cap, a few altcoins are running in green and others in red,” said Edul Patel, chief executive officer and co-founder, Mudrex.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, also declined 5.18 per cent to $3,057.71. Similarly, Binance Coin dipped about 2 per cent to $413.

Dogecoin price was trading 6 per cent lower at $0.15 whereas Shiba Inu tanked over 8 per cent to $0.000030. The performance of other coins were mixed as Stellar, Avalanche, Cardano, Polygon, XRP, Polkadot, Solana, Terra, Stellar prices were trading with cuts over the last 24 hours.

Meanwhile, the global cryptocurrency market capitalisation today remained above $2 trillion, as per coinmarketcap.com, even as it was down 3 per cent at $2.06 trillion, dragged by fall in crypto prices today.

The crypto market marked the third week of inflows totaling $133 million last week. Bitcoin led all inflows, with $71 million, the largest since early December and the third straight week of inflows, with a total of $108 million. Ether posted net outflows of $8.5 million in the week ended February 4, its 9th straight week of outflows, totaling $280 million.

Private crypto assets or virtual digital currencies are a major threat to macroeconomic and financial stability of a country, Reserve Bank of India (RBI) governor Shaktikanta Das said at press conference held on Thursday. “I have said that investors are their own judge. But, it is my duty today to tell investors that while betting on cryptos, they should be mindful that they are investing at their own risk,” Das said. “Cryptocurrencies have no underlying (value), not even a tulip,” Das said at the meeting.

Here are the top 10 cryptocurrencies and their prices on February 11, 2022 (data from coinmarketcap.com at the time of publishing this article)

Bitcoin $43,084.90 or 2.71 per cent loss in the last 24 hours

Ethereum $3,057.71 or 5.18 per cent loss in the last 24 hours

Cardano $1.14 or 3.99 per cent loss in the last 24 hours

Tether $1.00 or 0.02 per cent loss in the last 24 hours

Terra $52.27 or 7.02 per cent loss in the last 24 hours

XRP $0.8224 or 4.29 per cent loss in the last 24 hours

Solana $104.35 or 6.42 per cent loss in the last 24 hours

Avalanche $81.59 or 4.24 per cent loss in the last 24 hours

Binance $1.00 or 0.04 per cent loss in the last 24 hours

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Bitcoin, Ethereum jump 10% each. Check Latest Crypto Rates

The cryptocurrency market was trading in the green on Saturday. Bitcoin trading above the $41,000 mark. The world’s largest and most popular digital token was up over 10.80 per cent at $41,411.23.  Bitcoin’s market dominance rose marginally to 41.65 per cent and the virtual token was trading at $41,388.68 on February 5. The world’s biggest and best-known cryptocurrency, is up 23.2% from the year’s low of $32,950.72.

Similarly, Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, rose marginally to $2,990.09, as per coinmarketcap.com. On the other hand, Binance Coin was also up more than a 7.68 per cent at $399.89. Dogecoin price gained to $0.13 whereas Shiba Inu was trading at $0.000021. The performance of other cryptos also improved as XRP, Stellar, Avalanche, Cardano, Solana, Polygon, Terra, prices were trading with gains over the last 24 hours.

The global cryptocurrency market capitalisation rose to $1.87 trillion over the last 24 hours from $1.70 trillion, while the trading volumes climbed to $90.36 billion from $68.72 billion on February 5.

The decentralised finance (DeFi) accounted for 13.44 percent of the total cryptocurrency trading volume at $12.21 billion in the last 24 hours. On the other hand, stable coins accounted for 81.35 percent of the crypto market 24-hour volume at $73.92 billion.

Cryptocurrency will never be a legal tender, Indian Finance Secretary T V Somanathan had said on Thursday clearing the air on the legality of private digital currencies in the market. The 2022-23 Budget has given a clarity on taxation of virtual digital assets and proposed to impose a 30 per cent tax on gains made on such trades, besides subjecting crypto transactions, beyond a threshold, to 1 per cent TDS.

Here are the top 10 cryptocurrencies and their prices on February 5, 2022 (data from coinmarketcap.com at the time of publishing this article)

Bitcoin $41,411.23 or 10.80 per cent gain in the last 24 hours

Ethereum $2,990.09 or 11.19 per cent gain in the last 24 hours

Cardano $1.14 or 7.99 per cent gain in the last 24 hours

Tether $1.00 or 0.01 per cent loss in the last 24 hours

Terra $56.95 or 12.68 per cent loss in the last 24 hours

XRP $0.6678 or 9.65 per cent gain in the last 24 hours

Solana $112.05 or 8.61 per cent gain in the last 24 hours

Avalanche $69.31 or 1.24 per cent gain in the last 24 hours

Binance $1.00 or 0.04 per cent gain in the last 24 hours

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