Crypto markets bleed; Bitcoin below $40,000 mark

Cryptocurrency markets have continued its fall in the last 24 hours. The global market cap is down by 6.06 per cent in the last 24 hours and is at $1.83 trillion as of 8:00 AM IST, CoinMarketCap data showed.

Bitcoin is down by 6.13 per cent and is trading at $39,498. Ethereum fell by 6.95 per cent and is trading at $2,960.

The USDT Tether stablecoin showed 0.02 per cent downward movement in its value in the last 24 hours, whereas the USDC stablecoin rose by 0.01 per cent. 

The BNB token has gone down by 5.01 per cent.

XRP Ripple is down by 6.37 per cent. The ADA token showed 8.57 per cent downfall.

Terra LUNA is down by 8.68 per cent in the last 24 hours. 

Solana fell by a whooping 10.14 per cent. Avalanche is down by 6.15 per cent.

Memecoins like Dogecoin and Shiba Inu also tanked along with the other top tokens. Dogecoin tanked by 9.46 per cent whereas Shiba Inu fell by 9.78 per cent.

Reports claim that over $465 million have been liquidated from the crypto markets causing the bearish trend. Despite this downtrend, a report by the Huobi Research Institute claims that the Russia- Ukraine war might have expedited the era of Bitcoin. The report claims that due to the blatant use of sanctions to bend countries to their will diplomatically, the US is indirectly weakening the dollar hegemony. Countries might start transacting in other currencies such as Bitcoin. And because of the fact that Bitcoin transactions are efficient and fast, the report claims that the day isn't far when Bitcoin may end up becoming the reserve currency of the world.