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Cryptocurrency Prices Today 2022: Crypto markets bleed as Bitcoin, Ethereum fall on Ukraine war

2 Mins read
  • 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

The global cryptocurrency market capitalization fell 5.78 percent to $1.61 trillion in the past 24 hours. While trading volume declined by almost one percent to $12.72 million, a decline of about 99.98 percent.

This slump in the crypto market was in line with the path of the global market starting with Russia’s move to launch military action on Ukraine on Thursday morning.

In the past 24 hours, the total volume of the decentralized finance (DeFi) sector was $12.87 billion, and the total volume of stablecoins was $72.07 billion.

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

In rupee terms, bitcoin was trading at Rs 27,70,309, down 7.12 per cent. While Ethereum was down 8.04 per cent at Rs 1,89,999.

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

Memecoin SHIB fell 7.28 per cent, while Dogecoin was trading 9.8 per cent lower at Rs 9.2. Terra (LUNA) fell 2.81 per cent to Rs 4,251.06

According to a report from crypto financial intelligence provider Coinmetrics this week, its supply growth has been stagnant since December of last year, despite the rising popularity of bitcoin wrapped in 2021.

Cryptocurrency Prices
Image Credit: coinmarketcap

Wrapped Bitcoin is an ERC-20 Ethereum token that is 1:1 backed by Bitcoin (BTC). All WBTC can be redeemed for custodial holding actual BTC in a multi-signature wallet controlled by BitGo.

Approximately 1.4% of the total bitcoin supply of approximately 19 million BTC is transmitted via WrappedBitcoins on Ethereum. Of those 263,000-odd tokens, 66 percent are locked in smart contracts, providing evidence that merchants are accessing assets on decentralized exchanges and lending protocols.

The amount of WBTC in circulation more than doubled from January to December 2021, but has since held steady at around 260,000 units.

This reflects a similar trend in the DeFi sector. As demonstrated by Defilama, the total value locked in the decentralized finance protocol has fallen below $200 billion – up from $251 billion as of December 27.

According to reports, a gunman took a man hostage at an Apple Store in Amsterdam yesterday and demanded €200 million ($230 million) in cryptocurrency. The 27-year-old broke into the shop with a gun on Tuesday afternoon and took a Bulgarian man hostage.

Local media reported that the suspect threatened to blow himself up if his demand was not met. Reuters reported today that Dutch police said he had explosives all over his body.

However, the gunman, who also demanded a safe exit from the building, did not specify which cryptocurrency he had asked for the ransom. As of 8:00 am, these were the prices of various cryptocurrencies in the Indian market (data from WazirX).

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