Top cryptocurrency prices: Bitcoin, Terra, Shiba Inu, Cardano rise up to 4%

New Delhi: Digital currency markets continued to rise on Wednesday as investors saw opportunity for cryptos amid the global worries.

Europe and the US have banned certain Russian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the messaging network supporting global financial transactions.

Barring Avalanche and Cardano, which dropped 2 per cent each, all of the top digital tokens were trading higher on Wednesday. Terra and BNB rose 4 per cent each, followed by a 2 per cent rise in Bitcoin and Solana.

The global cryptocurrency market cap today scaled to $1.93 trillion mark, rising about 2 per cent in the last 24 hours. Total cryptocurrency trading volume slipped about 4 per cent to $105.35 billion.

What’s cooking in India
Nearly 20 per cent of Indian ultra high-net worth-individuals (UHNWIs) invested in crypto assets last year amid rising popularity of cryptocurrencies and NFTs, according to a Knight Frank report.

In its Wealth Report released, Knight Frank said 18 per cent global UHNWIs now own cryptocurrencies or tokens, and 11 per cent have invested in NFTs (non-fungible tokens).

CryptoWire has entered into an agreement with Bitbns, a cryptocurrency exchange, for listing India’s first crypto index IC15. Trading of IC15 on Bitbns exchange will begin from April 1, 2022, the new financial year.

Expert Take

Russian and Ukrainian citizens’ lives have taken a massive tumble. The Russian fiat currency Ruble is freefalling on account of the monetary sanctions and the Ukrainian citizens are finding it impossible to withdraw their money, said WazirX Trade Desk.

People from both sides of conflict are using Bitcoin as an alternative to fiat currency and gold right now, as it only requires your private keys to access one’s own money in any part of the world.

“The vice president of Ukraine has accepted donations in cryptocurrency and also requested a ban on Russian users as they can circumvent the sanctions with the help of cryptocurrencies,” it added. “However, the major exchanges have refused this request.”

Global updates

Bitcoin has leapt since Russia’s invasion of Ukraine, bolstered by people in those countries looking to store and move money in anonymous and decentralised crypto.

Bitcoin trading denominated in the Russian rouble went into overdrive when the invasion began on Thursday, with daily volumes rising 259 per cent from a day earlier to 1.3 billion rouble ($13.1 million), according to CryptoCompare’s data.

On the other hand, Ukraine’s crypto trading volumes spiked rapidly, the data suggests. Globally, the number of addresses with more than 1,000 Bitcoins has suddenly spiked, reflecting the high demand for Bitcoin.

Crypto funds saw net inflows last week, but there were stark regional differences during a volatile period in digital-asset markets as Russia invaded Ukraine.

Tech view by BuyUcoin Cryptocurrency Exchange

Ethereum price action showed some easing of short-term selling pressure by closing above the 200 moving average. Concerns about Russia’s invasion of Ukraine and the threat of nuclear weapons, however, drove the price down to ETH on Sunday, a loss of nearly 7%. However, despite the drop, the price of ETH has bounced off the support line of the triangle.

If the price turns below the moving averages, it will suggest that the bears continue to sell which will increase the possibilities of a break below the triangle.

A break below the triangle might pave the way for a retest at $2,300. A probable break above the resistance line, i.e. above the 50 EMA level, if the bulls push and sustain above it.

(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)