Cryptocurrency Price Today: Top cryptocurrency prices today: Dogecoin, Terra drop 8% each; Bitcoin falls 5%

Synopsis

The global cryptocurrency market cap was trading lower at $1.77 trillion, with a sharp fall of about 5 per cent in the last 24 hours. Meanwhile, the total cryptocurrency trading volume dropped about 2 per cent to $95.82 billion.

New Delhi: Major cryptocurrencies once again came under pressure on Wednesday as investors’ appetite for riskier assets remained weak amid fiscal tightening by the US central bank, discouraging economic data and the ongoing Ukraine crisis.

All major crypto tokens were trading sharply lower in the early hours of the trade. Dogecoin and Terra tumbled 8 per cent each while Bitcoin and Ethereum dropped 5 per cent each. XRP shed 7 per cent.

The global cryptocurrency market cap was trading lower at $1.77 trillion, with a sharp fall of about 5 per cent in the last 24 hours. Meanwhile, the total cryptocurrency trading volume dropped about 2 per cent to $95.82 billion.
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What’s cooking in India
Crypto trading platform Bitbns has listed the popular metaverse token ‘TRACE’ on its platform. It has become India’s first crypto exchange to list this token.

Decentralized finance blockchain Newrl has launched tokenized-based equity solutions for unlisted companies. This will be India’s first Web3 innovation for ESOP solutions for startups.

Expert take
Twitter has been integrating cryptocurrency into its platform for a while and with Elon Musk, a Dogecoin admirer, acquiring the company, people are anticipating the integration on Twitter would accelerate, said WazirX Trade Desk.

“The Central African Republic has become the first African country and the second in the world to declare Bitcoin legal tender,” it added. “The crypto law intends to provide a favourable environment for the region’s inclusive expansion of the crypto sector.”

Global updates

  • Australia is going to have its own bitcoin exchange-traded funds (ETF) in the near future, despite some delays because of problems with the plumbing that delayed Wednesday’s (April 27) scheduled launch.

  • Volatile trading on futures tracking the dogecoin (DOGE) and ApeCoin ( E) tokens resulted in millions of dollars in losses to liquidations, data from tracking tools shows.

  • The New York Assembly passed a bill to block new crypto mining facilities using non-renewable energy sources from setting up shop in the Empire state.

  • Cryptocurrency custody specialist Fireblocks said institutional customers stampeded into decentralized finance after it gave them access to Terra, the blockchain ecosystem and issuer of UST, the largest stablecoin behind tether and USDC.

Tech view by BuyUcoin
Synthetix has shown significant gains since the beginning of March. Investors are looking towards veteran Defi tokens which may result in higher traction in this space.

SNXET CONTRIBUTORSSNX, which acts as a connecting link between traditional and crypto assets, has gained investor interest due to Optimism’s rumoured token airdrop. As Synthetix was the first protocol to start working with Optimism, investors holding their position in SNX might be in for a treat.

(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)
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Updated: 04/27/2022 — 02:00