Bitcoin, Ethereum, Shiba Inu Fall As Tension Escalates Between Russia And Ukraine

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The global crypto market continued to trade lower amid reports of Ukraine legalizing crypto and a possible war breaking out between Russia and Ukraine. At 8.50 am, the global crypto market cap was down by 1.66 per cent at $1.82 trillion. The crypto trading volume was, however, down by 29.31 per cent at $61.88 billion.

“Bitcoin (BTC) dipped below $40,000 for a short amount of time and is currently trading at $40,782.15. Technical indicators are seen to indicate bearish signals for Bitcoin. Early signs of downside exhaustion on the BTC daily chart are clearly visible, suggesting stabilization of the pullbacks between the $30,000-$40,000 range,” says Gaurav Dahake, CEO and founder, Bitbns.

Meanwhile, the United Arab Emirates (UAE) is set to grant licences to virtual assets service providers within the first quarter of 2022, according to a government official, reported Bloomberg. In another related news, Bit2Me has become the first company to be licensed by the Central Bank of Spain to operate as a crypto service provider in the country.

Cryptocurrency Prices

The price of BTC, the world’s oldest cryptocurrency, was down by 1.3 per cent at $40,140.08, as per Coinmarketcap data.

Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, was down by 3.02 per cent at $2,814.13.

Among other major coins, Cardano (ADA) was down by 2.29 per cent at $1.01, Algorand (ALGO), which is known as the Ethereum killer, was also down by 0.39 per cent at $0.9143; its market cap was at $5,999,925,279. Binance Coin (BNB) was down by 0.17 per cent at $403.35, while Solana (SOL) fell 2.74 per cent at $92.02 and Polkadot (DOT) by 1.15 per cent at $18.10.

Today’s top gainer was AppleSwap (APPLE), which was up by 713.2 per cent at $0.00000003732. The top loser was Quarashi (QUA), which is down by 97.25 per cent at $0.001743.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was up by 0.35 per cent at $0.1415. Its volume to market cap ratio stands at 0.03148. Rival Shiba Inu (SHIB) was, however, down by 1 per cent at $0.00002866.

Dogelon Mars (ELON) was trading with a loss of 1.25 per cent at $0.0000008706. Floki Inu (FLOKI) was down by 0.56 per cent at $0.00003673, while Samoyed Coin (SAMO) lost 0.52 per cent at $0.02198.

In the DeFi segment, YFI (yearn.finance) was trading with a loss of 2.64 per cent at $22,094.06, while Terra (LUNA) was up by 0.76 per cent at $51.53. Avalanche (AVAX) was down by 5.15 per cent at $84.80, Uniswap (UNI) lost 0.67 per cent to trade at $10.33, and Aave (AAVE) declined 3.73 per cent to $148.21.

Latest Update

The Securities and Commodities Authority of UAE is working closely with the Paris-based Financial Action Task Force and also studying related case studies in the US, the UK and Singapore to make sound legislation regarding virtual assets service providers. The anonymous government official told Bloomberg, “The Securities and Commodities Authority is in the final stage of amending legislation to allow VASPs to set up.”

With this official license, Bit2Me can now offer crypto trading and custodial services to partner Spanish bank’s platforms thereby enhancing the crypto services accessibility for Spaniards. Bit2Me said that they comply with “the requirements of commercial and professional honorability established for credit institutions and with the regulations for the prevention of money laundering,” reported coindesk.





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