Daily Times

The cryptocurrency market plunged on Friday, with the market capitalisation shedding 3.9 percent to fall below the psychological level of $2 trillion mark to $1.92 trillion. As of 1235 hours GMT, the largest cryptocurrency Bitcoin’s (BTC) price fell by 5.11 percent to reach $41,428. With this decrease in price, the market capitalisation of the biggest crypto has reached $784 billion. Bitcoin has gained 8.1 percent during the last seven days. Ether, the world’s second-largest cryptocurrency by market capitalisation, went down by 6.76 percent to reach $2,727. With this decrease in price, the market capitalisation of ETH has reached $321 billion. Ether has gained 5.2 percent of its value over the last seven days.

Similar was the case with XRP whose price dipped 3.99 percent to $0.738. The market capitalisation of XRP stands at $73.8 billion with this decrease. XRP has gained 5.9 percent during the last seven days. On the other hand, Cardano (ADA) price slipped 4.64 percent to reach $0.881. Its market capitalisation has reached $29 billion with this decrease. ADA gained 3.4 percent in the past seven days. Dogecoin (DOGE) price shed 4.22 percent to reach $0.127. With this decrease in price, the market capitalisation of DOGE has reached $16.9 billion. DOGE has gained 2.8 percent during the last seven days. The growing tension in Eastern Europe has plagued the market and investors lapped up digital tokens at decent prices. However, the ongoing saga may sadden the global economy by fuelling inflation to rise further as the commodities are commanding unprecedented premiums. It may impact the emerging markets and cryptos are no exception.

Meanwhile, the United States and European Union are trying to make sure that Russia cannot use cryptocurrency to avoid sanctions.