Bitcoin, Shiba Inu, Ethereum Drop amid Continued Market Fall
- Top cryptocurrencies, including BTC, ETH, and SHIB, declined.
- Meanwhile, UAE plans to license crypto service providers by the 2022 first quarter.
The overall crypto space continued to flash downtrends amid updates of Ukraine legalizing digital coins and potential war between Ukraine and Russia. Early Saturday sessions saw the global cryptocurrency market cap losing 1.66% to $1.82 before a slight increase. Moreover, the trading volume tanked by 29.31% to $61.88 billion.
The bearish sentiment had Bitcoin dipping beneath $40K for a short while before surging towards $40,782.15. While publishing this content, BTC trades at $40,201.37. Meanwhile, technical indicators exhibit bearish signals.
Nevertheless, downside exhaustion on Bitcoin’s daily chart appears visible. That indicates that the pullbacks may stabilize within the range of $30K to $40K. That is according to Bitbns CEO Gaurav Dahake.
On the other side, the United Arab Emirates plans to license digital coins service providers by the 2022 first quarter. That is according to what a government official told Bloomberg. In another associated update, Bit2Me became the first firm Central Bank of Spain authorized to offer crypto services in the nation.
Bitcoin had seen downside actions overnight, losing 1.3% of its value to $40,140.07 (Coinmarketcap). That had the overall crypto spectrum falling. The 2nd largest crypto by value, Ethereum, dropped 3.02% to hover at $2,814.14.
Among other top currencies, Cardano plummeted by 2.29% to $1.01, Algorand, known as an ETH killer, also plunged by 0.39% to $0.9143, its market cap standing at $5,999,925,278. Binance Coin declined by 0.17% to $403.35, while Solana dropped 2.74% to $92.02, and Polkadot surrendered 1.15% to $18.10.
AppleSwap (APPLE) led today’s gainers, surging 713% to $0.00000003732. Contrarily, Quarashi (QUA) lost 97.26% to $0.001743.
DeFi and Meme Coin Prices
Dogecoin gained 0.35% to $0.1415, whereas SHIB declined by 1% to $0.00002866. More losses came from Dogelon Mars (-1.25%), Floki Inu (-0.56%), Samoyed Coin (-0.52%). In the DeFi sector, yearn.finance lost 2.64% to $22,094.07, as Terra gained 0.76% to $51.53. Avalanche’s 5.15% loss had it at $84.80, while Uniswap and Aave dropped 0.67% and 3.73% to $10.33 and $148.21, respectively.
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