Cryptocurrencies traded in the green early on March 2. The global crypto market cap is $1.93 trillion, a 1.10 percent increase over the last day, according to CoinMarketCap. The total crypto market volume over the last 24 hours is $104.67 billion, a 4.05 percent decrease.
The total volume in DeFi is currently $17.55 billion, 16.77 percent of the total crypto market 24-hour volume. The volume of all stable coins is now $87.52 billion, which is 83.62 percent of the total crypto market 24-hour volume.
Bitcoin's price is currently Rs 34.33 lakh, with a dominance of 43.30 percent over other cryptocurrencies. This is an increase of 0.35 percent over the day.
In news, one of Washington's most influential liberal think tanks, the Center for American Progress (CAP), said on Tuesday US regulators can largely use existing laws to bring digital assets such as cryptocurrencies under their supervision without new congressional legislation. Agencies including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) could use the CAP report to inform their decisions on how to govern cryptocurrencies, Reuters reported.
Regulators have not yet determined how best to regulate cryptocurrencies, in particular so-called "stablecoins" whose creators say they have pegged their values to the dollar and other fiat currencies. The US Treasury Department kicked the issue to Congress in a report last year.
The think tank said it would be helpful for Congress to address gaps within the current regulatory framework such as creating rules for crypto commodities. But it warned that a new and distinct regulatory structure for crypto could inadvertently weaken supervision and create regulatory arbitrage.
Separately, US cryptocurrency exchange Coinbase Global Inc will continue to block accounts and transactions of Russian clients targeted by sanctions, but it stopped short of banning all users from the country, Reuters reported.
"At this time, we will not institute a blanket ban on all Coinbase transactions involving Russian addresses," a Coinbase spokesperson said.
Binance, the world's biggest crypto exchange, has also said it would not freeze all Russian accounts, after Ukraine requested major crypto exchanges for a complete ban.
Western countries including the United States and Britain have imposed sweeping financial sanctions on Russia for invading Ukraine, with major Russian banks shut out of the SWIFT international payments system.
Trading volumes between the Russian rouble and the Tether cryptocurrency spiked sharply on Monday, indicating rising interest in crypto among Russians after the Western sanctions took a toll on the local currency.As of 8.05 am on March 02, these are the prices of largest cryptocurrencies (data from WazirX):