Cryptocurrencies rebounded on Tuesday even as global stock markets fell amid fears of a Russian invasion of Ukraine. Bitcoin, the world’s largest virtual currency by market capitalization, gained almost 4% to trade at $43,609 (Rs 32.99549) as of 8:57 AM (IST), according to data from CoinDesk.
Bitcoin has been on a very volatile trend over the past year – the virtual currency has fluctuated between a high of $69,000 and a low of $33,000.
On Monday, the global cryptocurrency market cap fell 2.14% to $1.86 trillion, while trading volumes fell 11.35% to $61.44 billion, according to moneycontrol.
Ether, the world’s second-largest cryptocurrency tied to the Ethereum blockchain, also rose more than 5% to $3,027 as of 9:01 a.m. In terms of rupees, Ethereum was trading at Rs 2,30,017.
Same crypto Dogecoin gained over 2.5% to trade at $0.15, while Shiba Inur rose over 4.5% to $0.000031. Solana, which attracted substantial interest from crypto traders last year, gained nearly 10% to trade at $101.83 as of 9:08 a.m.
Other cryptocurrencies such as Litcoin, XRP, Chainlink, Avalanche, Cardano, Polygon, Stellar, Terra, and Internet Computer have been trading in positive territory over the past 24 hours.
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U.S. stock markets fell on Monday amid heightened geopolitical tensions over the Russian-Ukrainian border dispute as investors rushed to buy safe-haven government bonds. The United States warned on Monday that Russia could invade Ukraine at any time. Oil prices hit seven-year highs. Asian stock markets also fell amid political instability on Tuesday.
Meanwhile, advocating for a ban on cryptocurrencies, RBI Deputy Governor T Rabi Sankar on Monday 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