cryptocurrency price today: ​Top cryptocurrency prices today: Bitcoin, Ethereum fall up to 4%; Dogecoin slips out of top 10 crypto ranking

New Delhi: Extending the fall witnessed over the weekend, the 24×7 crypto market plummeted on Monday following an escalation of war between Ukraine and Russia.

Russia is marching towards Kyiv, the capital of Ukraine. Vladimir Putin has also put his nuclear forces on high alert after the sanctions from the West. However, Ukraine announced to hold peace talks amid the crisis.

Barring the US dollar-pegged USD Coin, all of the top digital tokens were trading lower. Avalanche tanked over 7 per cent while Terra tumbled 5 per cent. Ethereum declined 4 per cent.

The global cryptocurrency market cap today stood at $1.71 trillion, a drop of about 2 per cent in the last 24 hours. Total cryptocurrency trading volume, meanwhile, jumped 19 per cent to $80.86 billion.

What’s cooking in India
The Supreme Court asked the Centre to make its stand clear on whether cryptocurrency trade involving Bitcoin or any other such currencies is legal in India or not.

The issue cropped up in a criminal case where the accused is facing charges of defrauding people in a crypto-currency scam. The finance secretary clarified that cryptocurrency will never be legal tender.

Expert Take
After the Russian invasion of Ukraine, a lot of countries in the world slapped sanctions on the Russian economy. These sanctions are focused on complicating Russia’s capabilities to make cross-border payments and freezing overseas assets of the Russian elites or the Russian oligarch, said WazirX Trade Desk.

“Economists are anticipating that these sanctions are likely to be dodged with the help of cryptocurrencies. This could bring cryptocurrency into the spotlight at the global stage yet again and we could witness high market volatility,” it added.

Global updates

• Ukrainian officials are directly soliciting crypto donations, adding to crowdfunding efforts that have raised more than $5 million in Bitcoin, Ether and other tokens.A decentralized autonomous organization (DAO) has formed to raise money for Ukrainian…