Most of the top 10 cryptos, including Bitcoin, Ethereum, Binance, XRP, Solana, Cardano, Avalanche and Terra lost value in the last 24 hours while the global cryptocurrency market cap crashed by over 6 per cent over the last day to $1.76 trillion. According to data on CoinMarketCap data as of today, the total crypto market volume over the last 24 hours decreased by 5.32 per cent to $94.24 billion. The total volume on DeFi was $11.33 billion, which is 12.03 per cent of the total crypto market 24-hour volume. Barring the dollar-pegged USD Coin, all major crypto tokens were trading lower during the early hours on Monday. XRP, Dogecoin and Avalanche tumbled 4 per cent each, followed by 3 per cent fall in Solana, Shiba Inu.
Jennifer Lu, Cofounder at Coinstore said, “The global financial markets are once again spooked by the rising number of covid cases in various parts of the globe. The crypto market is facing tremendous selling pressure due to growing geopolitical uncertainty amidst escalating Russia-Ukraine tension. Tightening of monetary policies by Fed has also been one of the major factors for the downward trend in the traditional and crypto market across the globe. We will have to wait till FOC meeting in early may which may bring some relief to the battered financial markets. The crypto market began this week on a promising note but gave up most of its gains owing to the selling pressure. The bitcoin found a new lower support level at $38,000 with Ether settling down at $2900. In the Altcoin space, Synthetix (SNX) witnessed an upward trend and is up by 15% due to the rumored Optimism token airdrop.”
In international news, the Bank of Canada Chief has said that the Canadian dollar will remain at the centre of the country’s financial system, Reuters reported. This was in response to questions about a Conservative leadership candidate’s pledge to make the country the blockchain capital of the world.
“There are promising benefits from innovation in the financial sector. Having said that, we certainly expect the Canadian dollar will remain at the centre of the Canadian financial system,” Bank of Canada Governor Tiff Macklem said in testimony before a committee of the House of Commons.
The Bank of Canada is currently working on its own central bank digital currency, a so-called digital loonie, that could be launched if a private digital tender were to take off as a payment system.
In the corporate corner, Abu Dhabi Global Market (ADGM) has licenced the Kraken group to operate a regulated virtual asset exchange platform in the financial free zone, Reuters reported. Kraken is the first global virtual assets exchange group in the United Arab Emirates to receive a full financial licence from the ADGM, it said.
Kraken MENA (Middle East and North Africa) aims to provide access to virtual assets through regulated funding, trading, and custodial services in dirhams, UAE’s currency.
Notably, UAE’s main business hub, Dubai, has also been attracting crypto-currency firms as it issued its first law governing digital assets and formed the Virtual Asset Regulatory Authority (VARA) to oversee the sector in March.
Here are the top 10 cryptocurrencies and their prices on April 27, 2022 (data from coinmarketcap.com)
Bitcoin $39,057.11 or 3.55 per cent loss in the last 24 hours
Ethereum $2,898.18 or 3.28 per cent loss in the last 24 hours
Tether $1.00 or 0.01 per cent loss in the last 24 hours
BNB $392.47 or 1.53 per cent loss in the last 24 hours
USD Coin $1.00 or 0.02 per cent gain in the last 24 hours
XRP $0.679 or 4.42 per cent loss in the last 24 hours
Solana $99.54 or 0.97 per cent loss in the last 24 hours
Terra $89.61 or 6.53 per cent loss in the last 24 hours
Cardano $0.8706 or 2.85 per cent loss in the last 24 hours
Avalanche $69.99 or 4.11 per cent loss in the last 24 hours