Bitcoin Falls Below $39,000; Ether, Dogecoin Flat

The majority of cryptocurrencies were trading lower, with Bitcoin falling below the $39,000 level on Monday.

The world’s largest virtual currency, by market capitalization, was down 2.07% at $38,980.53 as of 9:19 a.m., according to CoinMarketCap.

Bitcoin’s market capitalization was $739.7 billion, while trading volume hovered at just over $20 billion. The cryptocurrency has lost nearly 7% in the past seven days.

Bitcoin has been on a volatile trend over the past year – the virtual currency has fluctuated between a high of $69,000 and a low of $33,000.

Ether, the second largest cryptocurrency in the world tied to the Ethereum blockchain, traded at $2717.3. However, the virtual currency has fallen almost 5% in the past seven days.

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Dogecoin was mostly flat at $0.139, while Shiba Inu gained 1.92% to trade at $0.0000269. Solana, which attracted substantial interest from crypto traders last year, also rose 6.59% to trade at $94.23 as of 9:47 am.

Other cryptocurrencies such as Litcoin, XRP, Chainlink, Cardano, Polygon, Stellar, Internet Computer, Avalanche, and Terra have been trading in negative territory over the past 24 hours.

Indian stock markets fell on Monday as geopolitical tensions over the Ukraine issue cast a shadow over investor confidence.

International Monetary Fund (IMF) Managing Director Kristalina Georgieva said last week that unbacked cryptocurrencies will be no match for cautiously designed central bank digital currencies (CBDCs).

Meanwhile, arguing for the banning of cryptocurrencies, RBI Deputy Governor T Rabi Sankar had said they were even worse than Ponzi schemes and threatened a country’s financial sovereignty. .

Earlier, Finance Minister Nirmala Sitharaman in the Union Budget announced a 30% tax on income from trading or investing in cryptocurrencies or other digital assets such as NFTs.

(Edited by : Bivekananda Biswas)

First post: STI


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