Russia May Ban Crypto; Bitcoin Below $40,000, Ethereum, Shiba Inu, Doge Down Up To 8% Each

The global crypto market cap crashed by a massive 5.45 per cent over the last 24 hours, while the trading volume decreased by 11.23 per cent at $66.73 billion. All major cryptocurrencies except a few altcoins were trading with deep losses at 8.31 am, coinmarketcap data showed.

Meanwhile, Elizaveta Danilova, Director of the Bank of Russia's Financial Stability Department, said in a recent web press conference that Russia should ban all crypto-related activities. But she also stressed that the Bank of Russia is not asking for a ban on private holding of cryptocurrencies by citizens, but wanted a new law banning crypto-related activities like mining, trading, etc. She was quoted in a report by Coindesk as saying, “Russia needs new laws and regulations to effectively ban crypto-related activities. The bank is not suggesting banning ownership of crypto by private citizens. The optimal solution would be to ban crypto mining in Russia.”

The world’s oldest cryptocurrency, Bitcoin (BTC), broke open the physiological mark of $40,000 and at 8.31 am continued to trade below it at $39,496.47, indicating a decrease in price by 6.01 per cent over the last 24 hours.

“Bitcoin crossed over $43,000 but plummeted below $40,000. Ether and other altcoins rose promisingly; however, they later followed the market leader's fall. This seems to be a result of the growing pessimism about the economy and rising interest rates, mirroring bearish sentiments that may persist for a while,” says Gaurav Dahake, CEO and founder, Bitbns.

Ethereum, the second-largest cryptocurrency by market capitalisation, crashed by a massive 8.39 per cent at $2,860.84. Its volume to market cap ratio stands at 0.03698.

Among other major coins, Cardano (ADA) was down by 8.98 per cent at $1.22. Algorand (ALGO), which is known as the Ethereum killer, is down by 9.94 per cent at $1.13; its market cap now stands at $7,254,151,184. Binance Coin (BNB) is down by 8.85 per cent at $427.12, while Solana (SOL) is down by 8.01 per cent at $125.54 and Polkadot (DOT) is down by 7.69 per cent at $22.54.

Today’s top gainer was MetaPlanet (MPL), which is up by 830.24 per cent at $0.0001906. The top loser was Covid Slice (COVID19), which is down by 99.52 per cent at $0.0002112.

Meme Coins And DeFi

Dogecoin (DOGE) is down by 7.32 per cent at $0.1516. Its volume to market cap ratio stands at 0.02788. Rival Shiba Inu (SHIB) is also down by 6.56 per cent at $0.00002575.

Dogelon Mars (ELON) is trading with a loss of 10.51 per cent at $0.000001062, Floki Inu (FLOKI) is down by 3.28 per cent at $0.00004981, while Samoyed Coin (SAMO) is down by 3.15 per cent at $0.01778.

In the DeFi segment, YFI (yearn.finance) was trading with a loss of 7.98 per cent at $29,957.36. Terra (LUNA) is down by 6.21 per cent at $77.15, Avalanche (AVAX) was down by 9.69 per cent at $75.30, Uniswap (UNI) was down by 8.32 per cent at $14.07, while Aave (AAVE) was down by 14 per cent at $183.47.

Latest Updates

Twitter has implemented an NFT (Non-Fungible-Token) profile picture verification mechanism based upon a lot of user feedback. However, as of now Twitter only supports Ethereum blockchain-based NFT, but support for other blockchain’s NFT will be enabled in the future. This NFT verification service availability is, however, restricted to Twitter subscribers with a blue tick, Coindesk reported.

Luxury Fashion retailer Prada and Sportswear maker Adidas have both officially launched their foray into the NFT segment. In the coming months, fans and creators will be able to contribute their own design art and submit them for converting into NFT. The blockchain upon which their NFT will be hosted is Polygon (MATIC), reported Coindesk.