The global cryptocurrency market could not hold gains on Friday as the Russia and Ukraine crisis along with the inflation concerns hurt the sentiments.
Bitcoin, the world’s favourite cryptocurrency, was down 2.69 percent and the currency was trading at $38,553.70. In rupee terms, Bitcoin fell 2.57 percent to trade at ₹29,40,919 at 10:35 am (IST), according to CoinDesk data.
US stocks and other risk-on assets were under pressure after US inflation jumped to a 40-year high and as the war in Ukraine continues to weigh on commodities. In recent years, Bitcoin has demonstrated a tendency to follow moves in the stock market.
On the other hand, Ether, the world’s second-largest cryptocurrency in terms of market capitalization, which is linked to the Ethereum blockchain, also plunged 2.6 percent to $2,542. In rupee terms, Ethereum declined 2.43 percent to trade at ₹193,945 in the last 24 hours.
Memecoin SHIB fell 2.98 percent, while Dogecoin was down 0.74 percent at ₹8.84. The performance of other digital tokens also tanked as Avalanche, Polygon, Cardano, Litecoin prices declined while Stellar, XRP, Uniswap, Solana, Polygon, Polkadot were trading with cuts in the range of 3-8%, however, Terra was higher with gains of about 2% over the last 24 hours.
Meanwhile, the global cryptocurrency market capitalisation remained below the $2 trillion mark at $1.8 trillion, more than 2.3% change in the last 24 hours. The total crypto market volume over the last 24 hours is $89.4 billion, as per CoinGecko.
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Crypto exchange FTX has picked payment infrastructure company Stripe to build onboarding and identify verification features.
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