Markets Ring In Red As Bitcoin, Ethereum Tumble

The global cryptocurrency market capitalisation fell by 2.33 percent over the last 24 hours to $1.63 trillion while the trading volume over the same period rose by 9.14 percent to $87.68 billion.

While decentralised finance (DeFi) accounted for 0.02 percent of the total 24-hour cryptocurrency trading volume at $15.81 billion, stablecoins made up 99.98 percent at $87.66 billion. Bitcoin’s market dominance surged 0.03 percent to 42.07 percent and was trading at $36,169.41today morning.

In rupee terms, Bitcoin fell 2.31 percent to trade at Rs 29,37,757 while Ethereum declined 2.46 percent to Rs 1,94,500.1.

Cardano tumbled 0.41 percent to Rs 84.25 and Avalanche dipped 7.28 percent to Rs 5,098.87. Polkadot dipped 5.89 percent to Rs 1,428.5 and Litecoin declined 2.92 percent to Rs 8,499.98 over the last 24 hours. Tether fell 0.17 percent to Rs 80.89

Memecoin SHIB declined 2.86 percent while Dogecoin decreased 2.22 percent to trade at Rs 11.46. Terra (LUNA) fell 7.64 percent to Rs 4,600

A relief rally in crypto that had bitcoin trading near $39,000 was short-lived as the largest cryptocurrency by market capitalization fell back below $37,000 after the U.S. Federal Reserve released a statement on January 26 about reducing the size of its balance sheet.

Per CoinDesk, at the time of publication, bitcoin was changing hands at about $36,800, down slightly over the past 24 hours. Ether, the second-biggest cryptocurrency by market capitalization, was trading over $2,450 and was up slightly during the same time period.

Russian President Vladimir Putin noted that Russia has “certain competitive advantages” when it comes to mining cryptocurrencies such as Bitcoin, according to a transcript posted to an official government website. This comes in the wake of the Central Russian Bank recommending a blanket ban on all crypto-related activities.

The Sandbox, an Ethereum metaverse game, has launched a $50 million accelerator program with Animoca Brands and Brinc. Notably, the program will invest in up to 100 startups across the wider crypto ecosystem over the next three years.

As of 8:30 am, these were the prices of various cryptocurrencies in the Indian market (Data from WazirX)