The digital token market continues to dwindle on Tuesday amid the high possibilities of Russia’s invasion of Ukraine. Cryptocurrency prices crumbled with Bitcoin falling below the $37,000 level.
Bitcoin, the world’s favourite cryptocurrency declined more than 6 percent to $36,933.70. In rupee terms, Bitcoin fell 6.14 percent to trade at ₹2,775,835.66 at 11:35 am (IST), according to CoinDesk data.
Ether, the world’s second-largest cryptocurrency in terms of market capitalization, which is linked to the Ethereum blockchain, also fell 8.30 percent to $2,516. In rupee terms, Ethereum tumbled 8.07 percent to trade at ₹188,376.10 in the last 24 hours.
Meme tokens like Dogecoin and Shiba Inu prices crashed over 10 percent each. The performance of other coins also plunged as Solana, XRP, Terra, Avalanche, Stellar, Cardano, Polygon, Polkadot prices were trading with cuts in the range of 5-12%.
The global cryptocurrency market capitalisation today remained below $2 trillion, as it was down over 7.26 percent at $1.65 trillion, dragged by the fall in crypto prices today. The total crypto market volume over the last 24 hours is $107.10 billion, a 54.67 percent increase as per CoinMarketCap.com.
In global news, 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 approach, paving the way for legislation governing digital assets, as reported by Reuters.
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.
Meanwhile, the Canadian government's efforts to choke off the flow of funds to protesting truckers in Canada illustrate why cryptocurrencies exist, Ethereum founder VItalik Buterin said.