The Cryptocurrency Prices Today: Crypto Markets bleed as Ethereum, Bitcoin, and others fall on Ukraine Woes
The global cryptocurrency market capitalization is down 5.78 % from the last 24 hours to $1.61 trillion—the trading volumes down approximately 12.72 million, which is around 99.98% down.
The sharp fall in the cryptocurrency market happened because Russia started military action against Ukraine on Thursday.
The total volume in the financial decentralization (DeFi) sector is $12.87 billion from the past 24 hours. Also, the total volume in the stablecoins is $72.07 billion.
The Bitcoin’s market started falling from 0.16% to 41.76 %, and the currency traded at $35,441.27 in the early hours of the 24th of February.
In terms of rupees, Bitcoin currency is down by 7.12% to trade at Rs 27,70,309. The Ethereum currency is the world’s second-biggest cryptocurrency, down by 8.04% to trade at Rs 1,89,999.
Cardano currency dropped 10.88% to Rs. 63.5, the Avalanche fell by12.27 % to Rs. 5,206.001. The Litecoin dropped 7.98% to Rs, 7,700, and Polkadot currency down 7.26% to Rs. 1,188, Tether down by 0.52% to Rs. 78.42. All these currencies have been down from the past 24 hours as per the analysis.
Some other currencies, such as Memecoin SHIB down7.28%, meantime Dogecoin dropped by 9.8% to trade at 9.2. Terra (LUNA) price was down by 2.81% to Rs. 4,251.06.
Although growing popularity of Bitcoin’s in 2021, the growth of its supply has slowed from the last year’s December month. According to the article from the crypto financial intelligence provider CoinMetrics this week.
The Wrapped Bitcoin is a token that represents a cryptocurrency from another blockchain. Also, the wBTC (Wrapped Bitcoin) is an ERC-20 Ethereum token backed 1:1 by BTC (Bitcoin). All Wrapped Bitcoin tokens can be exchanged to purchase actual BTC custodial in a multi-signature wallet that the BitGo Company controls.
Around 1.4% of the total Bitcoin supply of almost 19 million BTC circulates through Ethereum via wrapped Bitcoin. It proves that traders are trading the asset using decentralized exchanges and lending protocols. Among the 263,000-odd tokens, 66 % are safe in smart contracts.
The amount of Wrapped Bitcoin in circulation is double or more from January to December in 2021. However, WBTC is now flat at 260,000 units.
DefiLlama shows that the total value locked up in decentralized financial protocols is now below $200 billion. It is down from $251 billion as of the 27th of December. This trend is similar throughout the Blockchain for Decentralized Finance (DeFi) space.
Due to increasing international tensions, most cryptocurrencies have shown wild swings in recent weeks.
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Barry is a lover of everything technology and finance (FinTech). Figuring out how the software works and creating content to shed more light on the value it offers users is his favorite pastime. When not evaluating apps or programs, he's busy trying out new healthy recipes, doing yoga, meditating, or taking nature walks with his little one.
