Global crypto market suffers $1-trillion loss

Ethereum, the second largest crypocurrency after Bitcoin, dropped over 12% in 24 hours.
For representational purposes. (File Photo)
For representational purposes. (File Photo)

BENGALURU: Cryptocurrency prices, falling ever since Russia’s central bank proposed a ban on crypto trading on Thursday, touched a new low on Saturday with Bitcoin tumbling to $36,000 level, a drop of over 17% compared to last week’s trading. In the past 24 hours alone, Bitcoin has shed over 8.5%.

Ethereum, the second-largest crypocurrency after Bitcoin, dropped over 12% in 24 hours. Other altcoins from BNB, ADA, and SOL also tanked. In all, the cryptocurrency market cap has shrunk by over $1.3 trillion.

Russia’s central bank called for a ban on cryptos citing threats of citizens’ wellbeing and financial stability. As Russia, one of the largest crypto adopters in the world, announced its plans for a blanket ban on crypto, the digital asset market plunged back into the reds. While this may be a cause for concern for investors, fact remains that the crypto industry has weathered multiple bans, restrictions and regulatory scrutiny in the past.

According to CoinDCX, India’s largest cryptocurrency exchange, this will not impact on crypto’s performance.

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The New Indian Express