Russia is marching towards Kyiv, the capital of Ukraine. Vladimir Putin has also put his nuclear forces on high alert after the sanctions from the West. However, Ukraine announced to hold peace talks amid the crisis.
Barring the US dollar-pegged USD Coin, all of the top digital tokens were trading lower. Avalanche tanked over 7 per cent while Terra tumbled 5 per cent. Ethereum declined 4 per cent.
The global cryptocurrency market cap today stood at $1.71 trillion, a drop of about 2 per cent in the last 24 hours. Total cryptocurrency trading volume, meanwhile, jumped 19 per cent to $80.86 billion.
What’s cooking in India
The Supreme Court asked the Centre to make its stand clear on whether cryptocurrency trade involving Bitcoin or any other such currencies is legal in India or not.
The issue cropped up in a criminal case where the accused is facing charges of defrauding people in a crypto-currency scam. The finance secretary clarified that cryptocurrency will never be legal tender.
Expert Take
After the Russian invasion of Ukraine, a lot of countries in the world slapped sanctions on the Russian economy. These sanctions are focused on complicating Russia’s capabilities to make cross-border payments and freezing overseas assets of the Russian elites or the Russian oligarch, said WazirX Trade Desk.
“Economists are anticipating that these sanctions are likely to be dodged with the help of cryptocurrencies. This could bring cryptocurrency into the spotlight at the global stage yet again and we could witness high market volatility,” it added.
Global updates
- Ukrainian officials are directly soliciting crypto donations, adding to crowdfunding efforts that have raised more than $5 million in Bitcoin, Ether and other tokens.A decentralized autonomous organization (DAO) has formed to raise money for Ukrainian soldiers facing down the Russian army.
- At Sotheby’s night, a single lot of NFTs – 104 digital art assets known as CryptoPunks – was expected to sell for as much as $30 million. But after a delay of 25 minutes past the auction’s expected start time, the sale was off.
- BitConnect founder Satish Kumbhani was indicted by a US grand jury on charges he orchestrated a global Ponzi scheme that raised $2.4 billion from investors in a fraudulent cryptocurrency investment platform.
Tech view from Proassetz Exchange
There are no major changes in the price of BTC in 24 hours. BTC is moving in a rangebound manner and is Still holding above $37,000 support which is good so far. But for any bullish movement, BTC has to break and close above $40500 resistance.
ET CONTRIBUTORS(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)
