Bitcoin and Ethereum have recovered and are now trading in the green

The worldwide cryptocurrency market capitalization increased by 4.01 percent to $1.80 trillion in the last 24 hours, but trade volumes fell by 36.17 percent to $97.59 billion. The entire volume in the decentralised finance (DeFi) area was $15.10 billion in the last 24 hours, accounting for about 15.47 percent of the 24-hour bitcoin trading volume. Stablecoins accounted for $80.49 billion in total volume, or 82.48 percent of the 24-hour cryptocurrency trading volume. On the morning of February 26, Bitcoin’s market domination declined 0.70 percent to 41.76 percent, and the currency was trading at $39,588.15.

The government is charging Kumbhani with conspiracy to commit wire fraud, conspiracy to commit commodity price manipulation, operation of an unlicensed money transmitting business, and conspiracy to commit international money laundering. Separately, the European Parliament has delayed a vote on the Markets in Crypto Assets Directive (MiCA) due to fears that it would be “misinterpreted as a de facto Bitcoin ban” over questions surrounding the industry’s energy demands. MiCA—a much-anticipated market regulatory act targeting the crypto industry—was initially slated for a vote on February 28.

In rupee terms, Bitcoin rose 2.05 percent to trade at Rs 30,99,654 while Ethereum rose 5.64 percent to Rs 2,20,188. Cardano was up 7.36 percent to Rs 72.35 and Avalanche rose 6.47 percent to Rs 6,394.33. Polkadot rose 10.75 percent to Rs 1,413.76 and Litecoin was up 5.71 percent to Rs 8,685.06 in the last 24 hours. Tether was down 0.19 percent to Rs 78.64. Memecoin SHIB rose 3.33 percent, while Dogecoin was up by 4.44 percent to trade at Rs 10.17. Terra (LUNA) rose 10.7 percent to Rs 5,834. The US Department of Justice recently revealed its indictment against Satish Kumbhani, the founder of defunct cryptocurrency platform BitConnect. According to the indictment, Kumbhani and his co-conspirators obtained approximately $2.4 billion from investors in a Ponzi scheme.

However, the chairman of the Economics Committee, Stefan Berger, announced the cancellation of the vote on Twitter. Also, trading volume for Bitcoin and other cryptocurrencies on popular Ukrainian crypto exchange Kuna surged over 200% earlier today, according to CoinGecko. From under $1 million on February 21, trading volumes on Kuna reached highs of $4.8 million today, the highest volume seen on the exchange since May 2021, before stabilising around $2 million. As of 8:30 am, these were the prices of various cryptocurrencies in the Indian market

News Summary:

• Bitcoin and Ethereum have recovered and are now trading in the green
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