New Delhi: Crypto markets remained under pressure as investors watched the growing tension between Russia and Ukraine.
Barring the dollar pegged stablecoins and Terra, all of the top digital tokens were trading lower on Monday. Avalanche tumbled 6 per cent, followed by a 4 per cent fall in Dogecoin, Shiba Inu and XRP each.
The global cryptocurrency market cap today dropped lower to $1.72 trillion, down about 3 per cent in the last 24 hours. Total cryptocurrency trading volume jumped as much as 16 per cent to $62.45 billion.
Over the past two months, as global asset markets were whipsawed by an increasingly hawkish Federal Reserve and then Russia’s invasion of Ukraine, Bitcoin remained stubbornly in a range.
Expert Take
The last year has been an eventful for the cryptocurrency space and it has established itself as a developing sector in India, said WazirX Trade Desk. “A healthy regulation could be the key to mass adoption.”
March 14th will mark the second part of the Parliament’s Budget session and members have their questions lined up on the subject of cryptocurrency, it added.
Crypto community will be looking forward to the government’s answers and clarifications, which will be instrumental when it comes to determining the future of cryptocurrency in India.
Global updates
- A proposed rule that could effectively amount to a ban on the leading cryptocurrency bitcoin will be voted on by European Union (EU) parliamentarians Monday with the outcome very much undecided.
- Appealing directly to both stablecoin issuert Tether and Chief Technology Officer Paolo Ardoino via Twitter, Ukraine Vice Prime Minister Mykhailo Fedorov urged the company on Friday to stop all dealings with Russians.
- US lawmakers across the political aisle are praising President Joe Biden’s executive order on digital assets. Biden unveiled the sweeping directive on Wednesday.
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