Global cryptocurrency markets remained flat on Thursday as investors looked towards safer investments amid political uncertainties and the Federal Reserve reiterating its warning.
Bitcoin, the world’s largest virtual currency by market capitalisation, was trading 1.49% lower at ₹33,89,823, while Ethereum was down by 2.59% at ₹2,39,000.
The global crypto market cap was flat at $1.99 trillion. Furthermore, the total crypto market volume dropped more than 7 per cent to $69.68 billion.
Check prices of various cryptocurrencies in the Indian market:
Bitcoin is at ₹33,89,823, down by 1.49%
Ethereum is at ₹2,39,000, down by 2.59%
Cardano is at ₹83.2465, down by 3.31%
Tether is at Rs78.25 and has gained 0.14%
Solana is at ₹7,691.94, down by 4.58%
Avalanche is at ₹7,248.926, down by 3.07%
Litecoin is at Rs9,795.94, down by 3.6%
XRP is at Rs63.5986, down by 2.75%
Axie is at ₹4,683.50, down by 7.4%
Dogecoin is at ₹11.4900, down by 1.52%
Shiba Inu is at ₹0.002426 and has gained 0.45%
This comes as the Fed earlier in the day warned of potential economic risks just days after digital-asset firms dominated the advertisements during the Super Bowl.
“Some participants saw emerging risks to financial stability associated with the rapid growth in crypto-assets and decentralized finance platforms,” minutes from the Fed’s January meeting showed when released Wednesday.
Additionally, Fed staff expressed concern about the cryptocurrencies’ infamous volatility, including the “sizable declines since late last year.” Cryptocurrencies were last mentioned by the committee in a July release.
Digital assets’ market value has risen exponentially over the last decade, the memo noted. It currently stands at around $1.9 trillion, according to CoinMarketCap.
However, the Fed was not the only critic of crypto this week. Senate Banking Chairman Sherrod Brown at a hearing Tuesday condemned the Super Bowl promotions, saying they failed to warn investors of the potential risks of putting money into the white-hot asset class.
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