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Cryptocurrency Prices Today: Crypto markets bleed as Bitcoin, Ethereum fall on Ukraine woes

Cardano was down 10.88 percent to Rs 63.5 and Avalanche fell 12.27 percent to Rs 5,206.001. Polkadot fell 7.26 percent to Rs 1,188 and Litecoin was down 7.98 percent to Rs 7,700 in the last 24 hours. Tether was down 0.52 percent to Rs 78.42

February 24, 2022 / 09:42 AM IST
Bitcoin (Representative image)

Bitcoin (Representative image)

The global cryptocurrency market-capitalisation fell 5.78 percent over the last 24 hours to $1.61 trillion, while trading volumes were down to about percent to $12.72 million, falling by around 99.98 percent.

This slump in the crypto market was in sync with a global market rout triggered by Russia's move to launch military action on Ukraine on Thursday morning.

Over the last 24 hours, the total volume in the decentralised finance (DeFi) space stood at $12.87 billion, the total volume in stablecoins stood at $72.07 billion.

Bitcoin's market dominance fell 0.16 percent to 41.76 percent and the currency was trading at $35,441.27 on the morning of February 24.

In rupee terms, Bitcoin fell 7.12 percent to trade at Rs 27,70,309 while Ethereum dipped 8.04 percent to Rs 1,89,999

Close

Cardano was down 10.88 percent to Rs 63.5 and Avalanche fell 12.27 percent to Rs 5,206.001. Polkadot fell 7.26 percent to Rs 1,188 and Litecoin was down 7.98 percent to Rs 7,700 in the last 24 hours. Tether was down 0.52 percent to Rs 78.42

Memecoin SHIB fell 7.28 percent, while Dogecoin was down by 9.8 percent to trade at Rs 9.2. Terra (LUNA) fell 2.81 percent to Rs 4,251.06

Despite Wrapped Bitcoin's surging popularity in 2021, its supply growth has stagnated since December of last year, according to a report from crypto financial intelligence provider CoinMetrics this week.

Wrapped Bitcoin is an ERC-20 Ethereum token backed 1:1 by Bitcoin (BTC). All wBTC is redeemable for actual BTC held custodial in a multi-signature wallet controlled by BitGo.

About 1.4 percent of the total Bitcoin supply of nearly 19 million BTC is circulating on Ethereum through Wrapped Bitcoin. Of those 263,000-odd tokens, 66 percent are locked up in smart contracts, providing evidence that traders are using the asset on decentralized exchanges and lending protocols.

The amount of WBTC in circulation more than doubled from January to December of 2021 but has since stayed flat at approximately 260,000 units.

This reflects a similar trend across the Defi space. As displayed by DefiLlama, the total value locked in decentralized finance protocols has pulled back below $200 billion—down from over $251 billion on December 27.

A gunman who yesterday held a man hostage at an Apple store in Amsterdam demanded €200 million ($230 million) in cryptocurrency, according to reports. The 27-year-old burst into the shop Tuesday afternoon with a gun and took a Bulgarian man hostage.

The suspect threatened to blow himself up if his demands weren't met, local media reported. Reuters today reported Dutch police said he had explosives on his body.

However, the gunman, who also demanded a safe exit from the building, didn't specify which cryptocurrency he sought for the ransom.

As of 8:00 am, these were the prices of various cryptocurrencies in the Indian market (Data from WazirX.com)
CryptocurrencyPrice (in Rs)24-hour change (in percent)
Bitcoin27,70,309-7.12
Ethereum1,89,999-8.04
Cardano63.5-10.88
Tether78.42-0.52
Solana6,100-10.95
Avalanche5,206.001-12.27
Litecoin7,700-7.98
XRP50.44-10.0
Axie3,525-10.98
 



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Moneycontrol News
first published: Feb 24, 2022 09:42 am
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