Most of the top 10 digital currencies, including Bitcoin, Ethereum, Binance, XRP, Solana, Cardano, Avalanche and Terra, have lost value in the past 24 hours while the global cryptocurrency market cap has crashed more than 6 percent over the past day to 1.76 trillion dollars. According to data on CoinMarketCap data as of today, the total volume of the crypto market over the past 24 hours has decreased by 5.32 percent to $94.24 billion. The total volume on DeFi was $11.33 billion, accounting for 12.03 percent of the total 24-hour crypto market volume. With the exception of the US dollar pegged to the dollar, all major digital currencies traded lower during the early hours of Monday. XRP, Dogecoin and Avalanche tumbled 4 percent each, followed by a 3 percent decline in Solana, Shiba Inu.
“Global financial markets are once again terrified by the increasing number of virus cases in different parts of the world,” said Jennifer Lu, co-founder of Coinstore. “The cryptocurrency market is facing massive selling pressure due to heightened geopolitical uncertainty amid heightened tensions between Russia and Ukraine.” The monetary tightening by the Federal Reserve was also one of the main factors behind the downward trend in the traditional and crypto markets around the world.We will have to wait for the FOC meeting in early May which may bring some relief to the turbulent financial markets This crypto market started The week was on a promising note but gave up most of its gains due to selling pressure.Bitcoin found a new support level lower at $38,000 with Ether settling at $2900.In the Altcoin space, Synthetix (SNX) saw an uptrend and rose 15% on rumors of an optimistic coin dropping .”
In international news, the head of the Bank of Canada said the Canadian dollar will remain at the heart of the country’s financial system, Reuters reported. This was in response to questions about a conservative leadership candidate’s pledge to make the country the blockchain capital of the world.
There are promising benefits to innovation in the financial sector. Having said that, we certainly expect the Canadian dollar to remain at the heart of the Canadian financial system,” Bank of Canada Governor Teff McClem said in testimony to a House of Commons committee.
The Bank of Canada is currently working on its own central bank digital currency, the so-called Digital Loonie, which could be launched if a private digital tender was introduced as a payment system.
In the corporate corner, the Abu Dhabi Global Market (ADGM) has licensed Kraken Group to operate a regulated virtual asset exchange platform in the financial free zone, Reuters reported. It said Kraken is the first global virtual asset exchange group in the UAE to obtain a full financial license from ADGM.
Kraken MENA (Middle East and North Africa) aims to provide access to virtual assets through structured finance, trade, and custody services in the dirham, the currency of the United Arab Emirates.
Notably, Dubai, the UAE’s main business hub, is also attracting crypto firms as it issued its first law governing digital assets and formed the Virtual Asset Regulatory Authority (VARA) to oversee the sector in March.
Here are the top 10 cryptocurrencies and their prices on April 27, 2022 (data from coinmarketcap.com)
Bitcoin $39.057.11 or 3.55 percent loss in the past 24 hours
Ethereum $2,898.18 or 3.28 percent loss in the last 24 hours
Assess a loss of $1.00 or 0.01 percent in the last 24 hours
BNB $392.47, or a loss of 1.53 percent over the past 24 hours
USD Coin gained $1.00 or 0.02 percent in the last 24 hours
XRP $0.679, or 4.42 percent loss over the past 24 hours
Solana $99.54 or 0.97 percent loss in the last 24 hours
Terra $89.61, or 6.53 percent loss over the past 24 hours
Cardano $0.8706, or 2.85 percent loss over the past 24 hours
Avalanche $69.99 or 4.11 percent loss over the past 24 hours