New Delhi: After Russia stepped up its attack on Ukraine, the global market posted a sharp drop on Friday. Sensex racked up 700 points in India and Nifty dropped to 16,300.
The crisis between Russia and Ukraine also affected the cryptocurrency market, as it reported a drop in the price of the main cryptocurrencies. The largest cryptocurrency based on market cap, Bitcoin fell 4.72 percent and was trading at $41,400.
Ethereum, the second largest cryptocurrency after Bitcoin based on market cap, sank 6.18 percent and was trading at $2,730.
In rupees terms, Bitcoin was trading at 32,88,979 after a 3.4 percent drop, while Ethereum was down 4.91 percent and trading at 2,16,007.
Among other cryptocurrencies, XRP fell 3.65%, Solana 7%, Cardano 5%, Polkadot 4%, Steller 5% and Avalanche 5%.
Other cryptocurrencies, Dogecoin was down 3.3 percent to trade at $0.1274, Shiba Inu was trading at $0.00002487 due to a 2.3 percent decline.
Tip for Indian Bitcoin Buyers
According to the market expert, the support price of Bitcoin (BTC) remains between $37,000 and $40,000. They recommended buyers to keep it above $37,000, which is a breakout level.
China to test digital currency
Considering the demand for digital currency, China is ready to start testing its digital currency, namely the digital yuan. It is reported to help him against any economic sanctions Russia faces for invading Ukraine.
RBI also prepares for digital rupee lunch
It is important to note that RBI Governor Shaktikanta Das has previously said that cryptocurrency is a threat to financial stability as it is privately created. However, RBI will release its digital rupee for the year 2022-23, calling it a digital version of the regular rupee.
RBI Digital Rupee will be launched in the year 2022-23. We cannot yet predict a timeline for its release. There will be no difference between the digital rupee and the regular rupee. Cryptocurrency Is Privately Created And Is A Threat To Financial Stability: RBI Governor Shaktikanta Das pic.twitter.com/sTFrsvl8j1
- ANI (@ANI) February 10, 2022
