Days after dipping below the $20,000 mark, Bitcoin recovered and rose above the same level on the day.
Most of the top 10 cryptos, including Bitcoin, Ethereum, Binance,
Most of the top 10 cryptos, including Bitcoin, Ethereum, Binance, .76 trillion. According to data from CoinMarketCap, total crypto market volume fell 5.32 percent to $94.24 billion over the past 24 hours. Total volume on DeFi reached $11.33 billion, which is 12.03 percent of the total 24-hour volume in the crypto market. With the exception of the dollar-pegged USD coin, all major crypto tokens traded lower in the early hours on Monday. XRP, Dogecoin and Avalanche fell 4 percent each, followed by a 3 percent decline in Solana and Shiba Inu.
Jennifer Lu, co-founder of Coinstore, said: “Global financial markets have once again been rocked by the rising number of Covid cases in various parts of the world. The crypto market is facing immense selling pressure due to growing geopolitical uncertainty amid escalating tensions between Russia and Ukraine. The tightening of monetary policy by the Fed has also been one of the main factors for the downtrend in the traditional market and the crypto market around the world. We will have to wait until the FOC meeting in early May, which could bring some relief to the battered financial markets. The crypto market started this week promisingly, but gave up most of its gains due to selling pressure. Bitcoin found a new lower support level at $38,000, while Ether settled at $2900. In the Altcoin space, Synthetix (SNX) witnessed an uptrend and is up 15% following the Optimism token airdrop rumors.”
In international news, the head of the Bank of Canada has said the Canadian dollar will remain central to the country's financial system, Reuters reported. This was in response to questions about a conservative leadership candidate's promise to make the country the blockchain capital of the world.
“There are promising benefits of innovation in the financial sector. That said, we certainly expect the Canadian dollar to remain the center of Canada's financial system,” Bank of Canada Governor Tiff Macklem said in testimony before a House of Commons committee.
The Bank of Canada is currently working on its own central bank digital currency, a so-called digital fool, which could be launched if a private digital tender were to take off as a payment system.
On the business front, Abu Dhabi Global Market (ADGM) has licensed the Kraken group to operate a regulated virtual asset exchange platform in the financial free zone, Reuters reported. Kraken is the first global virtual asset exchange group in the United Arab Emirates to receive a full financial license from the ADGM, the report said.
Kraken MENA (Middle East and North Africa) aims to provide access to virtual assets through regulated financing, trading and custody services in dirhams, the currency of the UAE.
Notably, the UAE's top business hub, Dubai, has also attracted cryptocurrency companies as it issued its first law regulating digital assets and established the Virtual Asset Regulatory Authority (VARA) in March to oversee the sector.
Here are the top 10 cryptocurrencies and their prices as of April 27, 2022 (data from Coinmarketcap.com)
Bitcoin $39,057.11 or 3.55 percent loss in the last 24 hours
Ethereum $2,898.18 or 3.28 percent loss in the last 24 hours
Tether $1.00 or 0.01 percent loss in the last 24 hours
BNB $392.47 or 1.53 percent loss in the last 24 hours
USD Coin $1.00 or 0.02 percent gain in the last 24 hours
XRP $0.679 or 4.42 percent loss in the last 24 hours
Solana lost $99.54 or 0.97 percent in the last 24 hours
Terra lost $89.61 or 6.53 percent in the last 24 hours
Cardano $0.8706 or 2.85 percent loss in the last 24 hours
Avalanche $69.99 or 4.11 percent loss in the last 24 hours
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