ISLAMABAD: The cryptocurrency market continued its losing streak on Sunday, with market capitalisation shedding 0.5 percent to reach $1.83 trillion. As of 1425 hours GMT, the largest cryptocurrency Bitcoin’s (BTC) price fell by 0.93 percent to reach $38,733. With this decrease in price, the market capitalisation of the biggest crypto has reached $733 billion. Bitcoin has shed 0.6 percent during the last seven days. Ether, the world’s second-largest cryptocurrency by market capitalisation, went down by 0.86 percent to reach $2,626. With this decrease in price, the market capitalisation of ETH has reached $308 billion. Ether has shed 5.4 percent of its value over the last seven days. TLTP
Similar was the case with XRP whose price dipped 3.24 percent to $0.736. The market capitalisation of XRP stands at $73.5 billion with this decrease. XRP has shed 1.8 percent during the last seven days.
On the other hand, Cardano (ADA) price slipped 2.58 percent to reach $0.839. Its market capitalisation has reached $27.7 billion with this decrease. ADA shed 5 percent in the past seven days.
Dogecoin (DOGE) price shed 0.73 percent to reach $0.123. With this decrease in price, the market capitalisation of DOGE has reached $16.3 billion. DOGE has lost 3.2 percent during the last seven days.
The growing tension in Eastern Europe has plagued the market and investors lapped up digital tokens at decent prices. However, the ongoing saga may sadden the global economy by fuelling inflation to rise further as the commodities are commanding unprecedented premiums. It may impact the emerging markets and cryptos are no exception.
Meanwhile, the United States and European Union are trying to make sure that Russia cannot use cryptocurrency to avoid sanctions. US Senator Elizabeth Warren and three other Democratic lawmakers on Wednesday urged the Treasury Department to ensure the cryptocurrency industry is complying with sanctions imposed on Russia.
The 27-nation bloc imposed sanctions on Moscow over its aggression on Ukraine, including freezing Russian central bank assets and disconnecting seven Russian banks from the SWIFT financial-messaging system.
Cryptocurrency exchange Binance on Thursday said cardholders of sanctioned Russian banks would not be able to use them on their platform and confirmed that sanctioned individuals have had their access restricted. Some of the world’s biggest cryptocurrency exchanges are staying put in Russia, breaking ranks with mainstream finance in a decision that experts say weakens Western attempts to isolate Moscow following the invasion of Ukraine.
