Russia May Use Cryptos To Bypass US Sanctions; Global Crypto Trading Volume Up 97,000%

Russia, which has declared war against Ukraine, may use cryptocurrencies to tide over the sanctions imposed by the US as part of the present conflict, according to speculations. The global crypto market cap increased by 4.92 per cent at $1.73 trillion at 8.40 am. Coinmarketcap data showed that the global crypto trading volume increased by a massive 97410.71 per cent at $150.9 million.

Meanwhile, Neon, an NFT and digital collectibles platform, has launched the world’s first NFT vending machine in New York City, while the Stock Exchange of Thailand (SET) has expressed its desire to start offering cryptocurrency trading services once that’s approved.

Cryptocurrency Prices

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $38,754.78, higher by 9.3 per cent in the last 24 hours.

Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, was also up by 4.43 per cent at $2,642.12.

“Bitcoin has recovered from yesterday's fall stabilizing above $38,000. Ether has been trading flatly at about $2,600. Following this pattern, other major altcoins are in the red as well. Momentum signals remain negative on weekly and monthly charts. The market leader is vulnerable to further retracement with unpredictability persistent on a global level,” says Gaurav Dahake, CEO and founder, Bitbns.

Among other major coins, Cardano (ADA) was up by 2.99 per cent at $0.8599, Algorand (ALGO), which is known as the Ethereum killer, was also up by 3.87 per cent at $0.7862; its market cap was at $5,203,639,979. Binance Coin (BNB) was up by 3.44 per cent at $364.73, while Solana (SOL) was also up by 7.83 per cent at $90.10 and Polkadot (DOT) by 5.65 per cent at $16.21.

Today’s top gainer was Revive (RVE), which was up by 2820.53 per cent at $0.00031. The top loser was BFK Warzone (BFK), which was down by 98.01 per cent at $0.00002058.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 0.25 per cent at $0.1227. Its volume to market cap ratio stands at 0.1251. Rival Shiba Inu (SHIB) was, however, up by 0.73 per cent at $0.00002411.

Dogelon Mars (ELON) was trading with a gain of 3.6 per cent at $0.0000007601. Floki Inu (FLOKI) was however down by 0.56 per cent at $0.00003211, while Samoyed Coin (SAMO) lost 0.1 per cent at $0.0195.

In the DeFi segment, YFI (yearn.finance) was trading with a loss of 0.55 per cent at $19,416.43, while Terra (LUNA) was up by a massive 18.4 per cent at $67.15. Avalanche (AVAX) was up by 6.72 per cent at $75.51, Uniswap (UNI) gained 7.99 per cent to trade at $8.92, and Aave (AAVE) rose 0.71 per cent to $124.73.

Latest Updates

Neon’s NFT vending machine is located near Wall Street at 29 John Street and accepts American credit and debit cards as a payment method. Jordan Birnholtz, CMO and co-founder of Neon said, “Giving people the choice to use vending machines and an easy online platform that decouples cryptocurrency from NFT participation means we can engage the widest possible audience,” reported Business Wire.

The Stock Exchange of Thailand (SET) may start offering cryptocurrency trading services once approved by the Thai Securities and Exchange Commission (SEC), which also regulates cryptocurrencies in the country. Dr Pakorn Peetathawatchai, President of Stock Exchange of Thailand, told Bloomberg, in an interview, “We expect that our regulator, the SEC, will approve very soon, and we hope that we can start operating in the second or third quarter this year.”