Daily Times

The cryptocurrency market plunged on Thursday, with the market capitalisation shedding 7.7 percent to reach $2.55 trillion as of 1210 hours GMT. The largest cryptocurrency Bitcoin tanked by 7.59 percent to reach $53,721. With this decrease in price, the market capitalisation of the biggest cryptocurrency has reached 1.01 trillion. Ether, the world’s second-largest cryptocurrency by market capitalisation, plunged by 9.7 percent to reach $3,968. With this decrease in price, the market capitalisation of ETH has reached $466.2 billion.

Similarly, XRP price decreased by 10.23 percent to reach $0.934. The market capitalisation of XRP stands at $93.3 billion after this decrease. Likewise, Cardano (ADA) price went down by 1.51 percent to reach $1.51. Its market capitalisation has reached $49.5 billion with this decrease. Following suit, Dogecoin (DOGE) price dipped by 10.18 percent to reach $0.198. With this decrease in price, the market capitalisation of Doge has reached $26.2 billion.

The crypto market followed the plunge of the global equity markets in the wake of reports of the new and possibly vaccine-resistant coronavirus variant first detected in Botswana, then South Africa, Israel and Hong Kong. Amid growing fears that the world may have to reintroduce economically-painful lockdown restrictions, investors are scrambling to find low-risk assets.

In the other hand, crypto prices have been plummeting in India since a government proposed bill seeking to ban private virtual currencies sent holders into a panic-selling mode.