Crypto markets tank; global m-cap at $1.94 trillion

Cryptocurrency markets have slipped in the last 24 hours. The global market cap is down by 2.07 per cent in the last 24 hours and is at $1.94 trillion as of 8:00 AM IST, CoinMarketCap data showed.

Bitcoin is down up by 1.71 per cent and is trading at $42,042. Ethereum fell by 2.24 per cent and is trading at $3,1182.

The USDT Tether stablecoin showed 0.02 per cent upward movement in its value in the last 24 hours, whereas the USDC stablecoin fell by 0.03 per cent. 

The BNB token has gone down by 2.63 per cent.

XRP Ripple is down by 2.30 per cent. The ADA token showed 3.06 per cent downfall.

Terra LUNA is down by 6.09 per cent in the last 24 hours. 

Solana fell by 1.64 per cent. Avalanche is down by 6.15 per cent.

This fall comes even as companies such as Starbucks, Shopify, McDonalds, Walmart, Wholefoods, Chipotle and many others have started accepting Bitcoin via the Lightening Network in a step that would promote Bitcoin acceptance. Furthermore, Honduras special economic zone Honduras Prospera has accepted Bitcoin as legal tender, which makes it the second city after the city of Lugano to make Bitcoin a legal tender.

However, back home, uncertainties around UPI being a viable payment option to buy cryptocurrencies on crypto exchanges have emerged. This happened after Coinbase announced its full-scale operations in India and also announced that their app would allow users buy crytpo via UPI. But then NPCI released a statement saying the body was unaware of any crypto exchange using UPI. Coinbase has now suspended the UPI option to buy cryptocurrencies.