Friday, May 27, 2022
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Bitcoin Down 6%, Shiba Inu Falls 14%; Global Crypto Market Cap Crashes By 8%

All major cryptocurrencies, including Bitcoin, Ethereum, Binance, Cardano, Terra and Shiba Inu, were trading with heavy losses, Coinmarketcap data showed.

Bitcoin Down 6%, Shiba Inu Falls 14%; Global Crypto Market Cap Crashes By 8%
Bitcoin the new crypto currency

The global crypto market cap has crashed by 8.49 per cent at $1.71 trillion, according to Coinmarketcap data, in what appears to be 2022's biggest single-day loss till now. All major cryptocurrencies were trading with heavy losses. The crypto trading volume jumped by 87.59 per cent at $126.15 billion, which suggests the enactment of liquidation protocol by exchanges might have already started.

The Tarjih Council and the Central Executive Tajdid of Muhammadiyah, an Indonesian Islamic Organisation, have issued a fatwa (decree) against trading and using cryptocurrencies like Bitcoin and others by local citizens saying that is against the Sharia law. Their website has given a detailed explanation regarding the issuance of this fatwa. “Tarjih’s fatwa stipulates that cryptocurrency is illegal both as an investment tool and as a medium of exchange,” it read, reported CnbcIndonesia.

Meanwhile, the price of the world’s oldest cryptocurrency, Bitcoin (BTC), was down by 6.23 per cent at $36,341.23 at 9.38 am, coinmarketcap data showed.

“Global investors seem to have reduced their risk for appetite. Greater correlation between the crypto market and other speculative markets such as equities are resulting in widespread losses this year. Bitcoin has dropped below $40,000 and is currently trading at $36,615.52. Ether and other major altcoins witnessed a similar downfall,” says Gaurav Dahake, CEO and founder, Bitbns.

Ethereum, the second-largest cryptocurrency by market capitalization, crashed by a massive 10.17 per cent at $2,569.29. Its volume to market cap ratio stands at 0.0837.

Among other major coins, Cardano (ADA) was down by 6 per cent at $1.14. Algorand (ALGO), which is known as the Ethereum killer, is down by 8.92 per cent at $1.02; its market cap now stands at $6,600,019,327. Binance Coin (BNB) is down by 9.70 per cent at $382.96, while Solana (SOL) is down by 12.84 per cent at $109.43 and Polkadot (DOT) fell 12.55 per cent at $19.52.

Today’s top gainer was Mars Floki Inu (FLOKI), which is up by 1,033.94 per cent at $0.000000003765. The top loser was Bitecoin ($BITC), which is down by 100 per cent at $0.0000000002802.

Meme Coins And DeFi

Dogecoin (DOGE) is down by 5.42 per cent at $0.1428. Its volume to market cap ratio stands at 0.05713. Rival Shiba Inu (SHIB) is also down by 14.41 per cent at $0.00002212.

Dogelon Mars (ELON) is trading with a loss of 15.15 per cent at $0.0000009032, Floki Inu (FLOKI) is down by 10.89 per cent at $0.00004505, while Samoyed Coin (SAMO) is down by 7.97 per cent at $0.01621.

In the DeFi segment, YFI (yearn.finance) was trading with a loss of 12.12 per cent at $25,755.74. Terra (LUNA) is down by 16.02 per cent at $64.37, Avalanche (AVAX) is down by 11.51 per cent at $66.66, Uniswap (UNI) is down by 11.78 per cent at $12.44, while Aave (AAVE) is down by 10.25 per cent at $168.86.

Latest Updates

Acumen, a Solana (SOL) blockchain-based investment fund has partnered with El Salvador to provide US dollar-based loans to small and informal entrepreneurs and self-employed citizens. Initially, for Q1 2022 Acumen will provide a $10 million loan with an interest rate of 6-7 per cent, but a Coindesk report suggested that the interest rate can go as high as 10 per cent depending upon various factors. El Salvador’s National Commission for Micro and Small Enterprises (Conamype) will distribute the said loans to its citizens.

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