scorecardresearchCryptocurrencies extend losses; lose up to 8 percent market cap in 24 hours

Cryptocurrencies extend losses; lose up to 8 percent market cap in 24 hours

Updated: 18 Apr 2022, 02:25 PM IST

Crypto prices show wide volatility as bitcoin slips below $40,000, once again. Most commonly traded tokens fall between 3 to 7% 

Bitcoin prices fell around 3.45 percent to $38,975 on Monday. Photo: Bloomberg

Bitcoin prices fell around 3.45 percent to $38,975 on Monday. Photo: Bloomberg

Soon after a mega crypto hack amounting to $615 million was linked to North Korea state-backed hacking syndicate Lazarus, crypto prices started to fall in crypto markets around the world.

Bitcoin prices fell around 3.45 percent to $38,975, ethereum fell 4.16 percent to $2,916, ripple fell 5.92 percent to $0.736, terra declined 5.94 percent to $76, solana shed 4.79 percent to $97.40 and Avalanche lost 5.96 percent of its price to $73.35, as per CoinDesk data.

The top losers in crypto universe on Monday included Bitcoin cash with 8.43 percent, Tezos with 8.22 percent, Axe Infinity with 8.18 percent, chainlink with 8.13 percent loss, Filecoin with 10.5 percent loss and Waves with 10 percent decline, according to the CoinDesk data.

On the other hand, some tokens which bucked the trend and remained top gainers on Monday included monero (XMR) which was trading 0.48 percent higher, PAX gold 0.66 percent higher and Decred 17 percent higher, shows CoinDesk data.

Bitcoin prices have lost 8 percent in just one week. (Source: CoinMarketCap)

In just one week, Bitcoin has fallen by 8 percent, Ethereum is down by nearly 9 percent, Binance coin by 4.77 percent, Solana by 13 percent and ripple by 1.3 percent, Cardano and terra by 13 percent each, according to CoinMarketCap data.

With a collective decline in most cryptocurrencies, the overall market cap of digital currencies fell below $2 trillion.

ALSO READ: To circumvent payment curbs, crypto exchanges explore P2P deals, direct deposits

Meanwhile, in another crypto hack early this month, believed to be one of the biggest in the history of crypto highlights the sector's immense risks. The attack wasn’t detected until almost a week after it occurred.

The attacker, said Ronin in a blog post, stole roughly $625 million in crypto, draining 173,600 ether and 25.5 million USDC. Ronin is a blockchain protocol linked to Axie Infinity, a popular play-to-earn game with $4 billion in NFT sales. Lately, US authorities linked the hack to North Korean hackers.

In a news, the SocialGood App, which gives users cryptocurrency rewards for shopping, has raised $14.2 million in Series A funding from a venture capital firm.

Meanwhile, in another development Beanstalk Farms, an Ethereum-based stablecoin protocol, lost $182 million. The untoward attack was flagged on microblogging platform Twitter by blockchain security firm PeckShield, which claimed the attacker made away with at least $80 million in cryptos, but the losses incurred by the protocol are believed to be much larger.

As a result of the attack, the market for Beanstalk’s BEAN stablecoin collapsed.

First Published: 18 Apr 2022, 02:25 PM IST