Tuesday, Jul 05, 2022
Outlook Money

Binance Crypto Exchange Stops Service in Russia In Line With EU Sanctions; Bitcoin Falls

The price of Bitcoin fell by 4.58 per cent in the last 24 hours, Ethereum down by 3.91 per cent

In accordance with EU sanctions, the Binance cryptocurrency exchange has ceased operations in Russia.

Global cryptocurrency exchange, Binance, has deactivated the accounts of its major clients in Russia, cutting back its services in the country in line with European Union sanctions following Moscow’s invasion of Ukraine.Russian nationals and people living in Russia, as well as companies based there that hold crypto worth over 10,000 euros ($10,900), would be banned from making new deposits or trading, Reuters reported. Elsewhere, Sandeep Nailwal, the CEO of the crypto exchange Polygon has said that India needs a single regulator to oversee all crypto-related matters. Nailwal told Coindesk that the Reserve Bank of India (RBI), the Securities and Exchange Board of India (Sebi), the Goods and Services Tax (GST) Council and the Ministry of Finance would encourage projects like his own to set up shop in the country.
In other news, Hyderabad-based TRST01 Blockchain has announced the listing of ‘Bhu’ NFT, which is ’Made in India’, and also the country’s first real-world carbon offset non-fungible token (NFT), on OpenSea marketplace. Bhu is an NFT representing 1,000 kg of carbon sequestration or one carbon credit, which is a real-world tradable asset, Financial Express reported. 

Crypto Prices

The price of Bitcoin in the cryptocurrency market fell by 4.58 per cent in the last 24 hours, and it was trading at $40,486.67 at 4:45 pm IST. Its dominance in the crypto market is currently at 41.02 per cent, down by 0.29 per cent in the last 24 hours, according to Coinmarketcap.com. In the last 24 hours, Ethereum (ETH) was trading at $3,012.81, down by 3.91 per cent, while Binance Coin (BNB) fell 2.98 per cent in the same period, and was trading at $411.66. Solana (SOL) was down by 5.95 per cent to $102.16, while Cardano (ADA) was down by 4.07 per cent to $0.9196. 

Meme Coins

Among meme coins, Dogecoin was down by 3.29 per cent, and it was trading at $0.1369 at 4:45 pm on Coinmarketcap.com. Its rival, Shiba Inu, was up by 1.35 per cent, and it was trading at $0.00002559. Samoyedcoin was down by 3.48 per cent, and trading at $0.01889, while Dogelon Mars 
was down by 9.35 per cent, and was trading at $0.0000009466.

Overall Scenario

According to Coinmarketcap.com, the global crypto market cap was at $1.88 trillion, a decrease of 3.62 per cent in the last 24 hours, while the total crypto market volume was $106.41 billion, up by 10.22 per cent. MOVE Network (MOVD) became the biggest gainer, recording a rise of 671.14 per cent. It was trading at $0.0008436 at 4:30 pm, according to Coinmarketcap. In contrast, MOVEI COIN (MOVE) witnessed the maximum loss, falling 99.71 per cent. It was trading at $0.00000007652