G7 Nations Examine Ways to Stop Use of Crypto By Russia To Evade Sanctions

G7 nations’ finance ministers and central bank governors are in talks to create further barriers for Russia. Bitcoin saw its price fall 5.96 per cent in the last 24 hours, while Ethereum was down 3.27 per cent.

Outlook Money Team

Updated on: 5 March 2022 1:34 pm

The G7 nations are examining ways to stop individuals and companies from using cryptocurrencies to circumvent Western sanctions following Russia’s invasion of Ukraine, Bitcoin.com news reported. Finance ministers and central bank governors of the G7 nations (Canada, France, Germany, Italy, Japan, the UK and the US) held virtual meetings this week.

Ukraine’s non-fungible token (NFT) auction has come to a profitable end. On Wednesday, the country raised $6.75 million worth of Ethereum (ETH) after a three-day bidding process for an image of its flag, according to various media reports. The bidding process started on February 26, when the flag NFT was listed. It ended on March 2, in a sale for 2,174 ETH coins.

Web 3 gaming platform metaENGINE said on Friday it has raised $4 million in seed funding in a round co-led by Lemniscap and Jump Crypto, according to various media reports.

In the cryptocurrency market, the price of Bitcoin (BTC) was down by 5.96 per cent in the last 24 hours, while it was trading at $39,193.74 at 5:00 pm IST. Its dominance in the crypto market is currently at 42.20 per cent, down by 0.73 per cent in the last 24 hours, according to Coinmarketcap.com.

ETH was trading at $2,653.12, with a fall of 3.27 per cent in the last 24 hours, while Binance Coin (BNB) was falling by 4.28 per cent over the same period and was trading at $380.63. Solana (SOL) was down by 4.25 per cent to $88.92 and Cardano (ADA) was down by 2.55 per cent to $0.865.

Meme Coins

Among meme coins, Dogecoin was down by 3.38 per cent, and was trading at $0.1238 at 5:00 pm. Rival Shiba Inu was down by 3.87 per cent in the last 24 hours and was trading at $0.00002407. Dogelon Mars was down by 4.40 per cent and was trading at $0.0000007548, while Samoyedcoin was trading at $0.01889, recording a fall of 4.79 per cent in the last 24 hours.

Overall Scenario

The global crypto market cap was at $1.76 trillion, registering a decrease of 4.26 per cent in the last 24 hours, while the total crypto market volume was $80.11 billion, down by 9.91 per cent.

PlayGame (PXG) became the biggest gainer, recording a rise of 499.97 per cent. It was trading at $0.0007862 at 5:00 pm, as per Coinmarketcap data. In contrast, The One Ring (RING) witnessed the maximum loss, falling 84..41 per cent, it was trading at $11.90 shows Coinmarketcap data.