Cryptocurrency markets have tanked in the last 24 hours. The global market cap is down by 2.87 per cent and is at $1.87 trillion as of 8:00 AM IST, CoinMarketCap data showed.
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.
The BNB token has gone down by 2.47 per cent.
XRP Ripple is the only top token which is showing an uptrend. The token went up by 2.01 per cent 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.
Furthermore, there has been some development in the Axie Infinity $625 million hack. The US department of treasury has said that the North Korean hackers might have a role in the theft.
Also, in the East, Russian chambers of Commerce is mulling over using Bitcoin for payments to Africa. We'll have to wait and watch how this pans out.
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