Bears roar in crypto markets; Bitcoin, Ether, Solana, Cardano all slip

Cryptocurrency markets have witnessed a downtrend in the last 24 hours. The global market cap is down by 2.58 per cent in the last 24 hours and is at $1.88 trillion as of 8:00 AM IST, CoinMarketCap data showed.

Bitcoin is down by 2.68 per cent and is trading at $40,584. Ethereum fell by 3.10 per cent and is trading at $3,002.

The USDT Tether stablecoin showed no change in its value in the last 24 hours, whereas the USDC stablecoin went up by 0.07 per cent. 

The BNB token has gone down by 2.92 per cent.

XRP Ripple is also down by 2.79 per cent in the last 24 hours. 

The ADA token showed 3.15 per cent downtrend.

Terra LUNA is down by 2.79 per cent in the last 24 hours. 

Solana fell by a slight 4.04 per cent. Avalanche is down by 3.89 per cent.

Overall, the trends in crypto markets are bearish. 

Meanwhile, Australian regulators have given their nod to a Bitcoin ETF for investors who would like to benefit from the crypto market trend but do not have the risk appetite for it. Similar Bitcoin ETFs have already been launched in the US.

Investment banking giant Morgan Stanley lauded the Bitcoin Lightning Network showing institutional approval but that did not reflect on the price of Bitcoin.