Top cryptocurrency prices today: Bitcoin, Ethereum, Dogecoin, Shiba Inu drop up to 6%

New Delhi: After strong weekly gains, major crypto tokens fell on Monday, withstanding the US central bank’s first interest rate hike in four years and Russia’s escalating attacks on Ukraine.

Most other major cryptos were in the red, along with a dip in volumes. Investors digested the long-expected Federal Reserve’s 25 bps increase and global unrest tied to Russia’s invasion.

Barring Terra, all top digital tokens were trading lower on Monday. Avalanche and Shiba Inu tumbled 5 per cent each, followed by a 4 per cent fall in Solana. Bitcoin, Ethereum and Dogecoin shed 3 per cent each.

The global cryptocurrency market cap today dropped lower to $1.84 trillion mark, shedding more than 2 per cent in the last 24 hours. Total cryptocurrency trading volume tumbled as much as 4 per cent to $80.22 billion.

What’s cooking in India?
The government is working on classification of cryptocurrency as goods or services under the GST law, so that tax can be levied on the entire value of transactions. Currently, 18 per cent Goods and Services Tax (GST) is levied only on service provided by crypto exchanges and is categorised as financial services.

Expert take
Since the start of the year, Bitcoin has been consolidating between $34,000 and $44,000. The lack of upside volatility has shaken out investors but the Bitcoin on-chain analytics tells us a completely different story, said WazirX Trade Desk.

“On-chain analytics essentially is the analytics of all the transactions that occur on a blockchain,” it added. “Bitcoin balance on exchanges has dropped significantly hitting a 3-year low and most of the withdrawals came from Coinbase.”

Global updates
Ukrainian crypto exchange KUNA founder Michael Chobanian claims the Binance crypto exchange is working with the Russian government despite global sanctions.

FanCraze, the developer of a non-fungible token (NFT) marketplace trading official cricket collectibles, is raising around $100 million in Series A funding, according to a Bloomberg report.

Joyride Games, a platform for building and operating blockchain-powered mobile games, has raised $14 million in seed and follow-on financing. The funding comes as the first games built on the platform prepare to launch over the next six months.

Tech View from Proassetz Crypto Exchange
Ever since making its high at nearly 3 levels in late August 2021, Ada has slipped into a profound downtrend and seen its value eroded over 2/3rd of its value and was trading below 1 at $0.89 levels.

Upon tracking the momentum oscillators, we cannot identify any imminent signs of trend reversals as yet, but a breakout above $0.99 will terminate the series of lower top formations on the daily chart. This may, however, not be sufficient to beget an uptrend, but in that case, short term upside targets will have been established till $1.35 followed by $1.55 levels.