During the past 24 hours, cryptocurrency markets tanked. According to CoinMarketCap data, the global market cap is down 2.87 percent to $1.87 trillion at 8:00 AM IST.
Bitcoin is down by 3.32 per cent and is trading at $40,033. Ethereum fell by 3.42 per cent and is trading at $3,025.
The USDT Tether stablecoin showed 0.01 per cent downtrend in its value in the last 24 hours. Whereas the USDC stablecoin also fell by 0.01 per cent.
Meanwhile, the BNB token has fallen by 2.47 percent.
XRP Ripple is the only top token that is showing an upward trend. It gained 2.01% in the last 24 hours.
The ADA token showed a 4.11 per cent downtrend.
Terra LUNA is down by a significant 7.98 per cent in the last 24 hours.
Solana fell by 5.42 per cent. Avalanche is down by 4.86 per cent.
A recent report highlights that despite bearish trends and volatility in the markets, 75 per cent of the Bitcoin holders are currently in profit. This is majorly because the 25 per cent added Bitcoin to their portfolio during the last year’s all-time high or around that time.
In addition, there has been some progress on the $625 million hack of Axie Infinity. North Korean hackers may have been involved in the theft, according to the US Treasury Department.
Additionally, Russian chambers of commerce are considering using Bitcoin to make payments to Africa. This will be an interesting development.