ISLAMABAD
The cryptocurrency market continued going down on Sunday as fears of a possible Ukraine invasion by Russia weighed on risk assets.
As of 1420 hours GMT, the market capitalisation of cryptocurrencies shed 3.8 percent to reach $1.82 trillion. The largest cryptocurrency Bitcoin’s (BTC) price shed 4.52 percent to reach $38,161. With this decrease in price, the market capitalisation of the biggest crypto has reached $722 billion. Bitcoin shed 9.4 percent during the last seven days.
Ether, the world’s second-largest cryptocurrency by market capitalisation, shed 4.34 percent to reach $2,618. With this decrease in price, the market capitalisation of ETH has reached $308 billion. Ether has shed 9.7 percent of its value over the last seven days.
Similarly, XRP price went 4.52 percent down to reach $0.785. The market capitalisation of XRP stands at $78.5 billion with this decrease. XRP has shed 4 percent during the last seven days.
On the other hand, Cardano (ADA) price decreased by 6.26 percent to reach $0.927. Its market capitalisation has reached $30.5 billion with this decrease. ADA shed 11.6 percent in the past seven days.
Following suit, Dogecoin (DOGE) price slipped 3.82 percent to reach $0.136. With this decrease in price, the market capitalisation of DOGE has reached $18 billion. DOGE has shed 4.9 percent during the last seven days.
According to experts, the geopolitical situation in Europe and Ukraine is having material impact on cryptos. They said that large moves down in stocks, or disorderly spikes in crude and bond yields, could lead to exaggerated declines for cryptocurrencies.
Meanwhile, the US Federal Reserve has banned its senior officials from investing in cryptocurrency. “Officials covered by the new rules will have 12 months from the effective date of the rules to dispose of all impermissible holdings,” said the Federal Open Market Committee.
The FOMC announced that it has “unanimously formally adopted comprehensive new rules for the investment and trading activity of senior officials.” Under the new rules, senior Federal Reserve officials are prohibited from … holding investments in individual bonds, agency securities, cryptocurrencies, commodities, or foreign currencies.
In addition, they are also banned from “purchasing individual stocks or sector funds,” “entering into derivatives contracts,” and “engaging in short sales or purchasing securities on margin.”
The rules follow a controversy last year in which several senior Fed officials traded stocks and other investments just before the central bank adopted sweeping measures to help the economy through the Covid-19 crisis.
