Top cryptocurrency prices today: Bitcoin, Ethereum drop 5%; Shiba Inu, Dogecoin lose 10%

 New Delhi: The cryptocurrency market continued to dwindle down on Tuesday amid high possibilities of Russia's invasion of Ukraine. Riskier assets bled over war-like situation. All top digital tokens crumbled on Tuesday. Avalanche tanked 15 per cent, followed by 10-12 per cent fall in major altcoins. Meme tokens like Dogecoin and Shiba Inu dropped 10 per cent each. Bitcoin and Ethereum fell 5 per cent each.



The global crypto market cap tumbled as much as 6 per cent to $1.67 trillion mark. On the contrary, the total crypto market volume jumped rallied more than 43 per cent to $101.33 billion.

What's Cooking in India?

The prime architect of India’s biometrics-based unique identity programme, Nandan Nilekani, feels that the proposed digital rupee should remain 'anonymous'. In a conversation with ET, the Infosys co-founder said concerns about surveillance will arise if all payment transactions are recorded and are visible. He adds that stablecoins can easily become un-stablecoins if there is a run on that currency.

In other news, funding in global and Indian crypto ventures hit a record high in 2021 despite uncertainties on legal and policy fronts. Blockchain platform Polygon recently raised $450 million.

Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 8.30 hours, IST on February 22, 2022)

Expert Take

Bitcoin and Ethereum slipped lower near support price ranges. If BTC goes below the support levels, it may go back to the trend in 2018, Edul Patel, CEO and Co-founder, Mudrex.

"Other major altcoins also dropped over the past day. The situation is due to the ongoing tension between Russia and Ukraine. The speech by Russian President Vladimir Putin, which is closer to war, dented the sentiments," he added.

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