The global cryptocurrency market capitalization dropped nearly 2% towards $1.78 trillion. Contrarily, the overall market volume gained over 31% to hover at $70.68 billion.
The crypto market hovers with lows on Monday. That’s due to inflation fears and rising tensions between Ukraine and Russia. Moreover, a potential OpenSea exploit might have scared market players from the crypto sector. OpenSea is a leading non-fungible token (NFT) platform.
Excluding Terra and Solana, top virtual coins traded lower early today. Avalanched lost nearly %%, while Bitcoin declined by 2%, hovering beneath the psychological level of $40K. Meanwhile, Solana led the gainers with a 5% increase.
The global cryptocurrency market value incurred a 2% drop to $1.78 trillion. Contrarily the total cryptocurrency market volume gained over 31% to $70.69 billion.
Indian Market Updates
As enthusiasts explore approaches to escape crypto investments taxation, cryptocurrency platforms introduce new products. Meanwhile, investors are looking for ways to earn interest on crypto deposits or acquire loans against cryptos without incurring the introduced tax.
Crypto analysts estimate that about 50 Indian cryptocurrency entrepreneurs, including Polygon’s CEOs, now operate their crypto and blockchain startups out of Singapore and Dubai. That comes from RBI’s 2018 move to bank banks from crypto involvement.
WazirX Trade Desk commented on the current financial market outlook, stating that the stock and crypto sector tumbled once more because of geopolitical risks. Nevertheless, the industry noted sight recoveries when updates bout Russia withdrawing. However, the situation is yet to improve.
Meanwhile, fear rose in the marketplace after the US declared a possible invasion. On the other side, BTC has its fundamentals improving. Furthermore, BTC hashrate touches an ATH, while adoption increases amid increased Bitcoin’s usage.
A smoldering dispute over crypto law in Russia intensified on Friday. That came after the finance ministry proposed a legislative approach against the central bank’s pledge for a complete cryptocurrency ban.
Meanwhile, OpenSea executive Devin Finzer tweeted that 32 users signed a malicious payload from a scammer, losing some of their non-fungible tokens. Finzer stated that the blame goes to a fraudulent site.
Stay tuned for the latest cryptocurrency updates.