Crypto markets shrink; Central African Republic accepts Bitcoin as legal tender

Cryptocurrency markets bleed red as major top tokens witness a downtrend in the last 24 hour. The global market cap is down by 1.97 per cent in the last 24 hours and is at $1.80 trillion as of 8:00 AM IST, CoinMarketCap data showed.

Bitcoin is down by 1.87 per cent and is trading below the $40,000 mark at $39,0416. Ethereum also plummeted and is at $ 2861 after sliding down 2.58 per cent.

The USDT Tether stablecoin showed no change in its value in the last 24 hours.

Whereas the USDC stablecoin went down by 0.01 per cent.

The BNB token has gone down by 2.58 per cent.

XRP Ripple is also down by 3.49 per cent in the last 24 hours.

The ADA token showed 2.21 per cent downtrend.

Terra LUNA is down by 1.93 per cent in the last 24 hours.

Solana fell by 3.50 per cent. Avalanche is down by 3.97per cent.

Overall, the major top tokens slid down from their positions in the last 24 hours.

Despite the bearish trends in crypto markets, the Central African Republic passed a law to accept Bitcoin as legal tender in the country.

Moreover, with the help of Starlink's radio technology curated by Elon Musk's SpaceX, Dogecoin can now be transferred without an active internet connection.

Furthermore, Bored Ape Yacht club's creators Yuga Labs announced that the most valuable NFT collectable would be entering the metaverse soon. It is noteworthy to mention that the Coinbase recently announced that they would be producing a trilogy based on the popular NFT collection.