The crypto market today nosedived to a record low level. The global crypto market is now worth $2.17 trillion, which is a decrease of 7 per cent in the last 24 hours. The volume of trades, however, surged 11.06 per cent to $97.64 billion, adding to concerns among investors.
Several El Salvadoran Bitcoin wallet users complained about missing BTC from their government-issued crypto wallet, Chivo. According to a series of tweets collected by a user, approximately $96,000 worth of Bitcoins were missing on Chivo till now, reported tom’shardware.com. This issue highlights the crisis faced by several crypto holders all over the world who do not have access to a secure wallet and ultimately lose their private crypto keys.
Meanwhile, the world’s oldest crypto Bitcoin crashed by 2.93 per cent to $48,110.85 amid speculation of some institutions liquidating their long-only positions. Rival Ethereum (ETH) was down by 3.11 per cent at $3,827.98. Ethereum’s trading volume surged by 27.63 per cent at $16,281,428,557, coinmarketcap data at 8.42 am showed.
“Bitcoin has dropped by about 3 per cent in the last 24 hours to around $48,000. This price turbulence is a result of the market anticipating a total of 129,800 options contracts to expire on Friday, worth about $6 billion,” says Gaurav Dahake, CEO and co-founder, Bitbns.
Cardano (ADA) is down by 3.55 per cent at $1.42, while Algorand, which is known as the Ethereum killer, was down by 4.72 per cent at $1.49; its market cap now stands at $9,506,232,013.
Among other major coins, Binance Coin (BNB) is down by 1.92 per cent at $539.51, while Solana (SOL) fell 4.41 per cent at $180.39.
Meme Coins And DeFi
Dogecoin (DOGE) was trading with a loss of 1.88 per cent at $0.1772. Rival Shiba Inu (SHIB) is down by 2.17 per cent at $0.00003585.
ELON is trading with a loss of 7.66 per cent at $0.000001517, Floki Inu is down by 6.21 per cent at $0.000112, while Samoyed Coin (SAMO) is trading with a loss of 5.43 per cent at $0.04037.
In the DeFi segment, YFI (yearn.finance) was trading with a loss of 4 per cent at $29,297.05. Terra (LUNA) was down by 4.49 per cent at $87.43. However, Avalanche (AVAX) was marginally up by 0.31 per cent at $110.41. Uniswap (UNI) was also up by 2 per cent at $19.17.
Decentraland (MANA), a virtual reality platform built on the Ethereum blockchain has tied up with UNXD, a luxury marketplace built on the Polygon blockchain to offer a one-of-a-kind virtual metaverse fashion week show starting from March 24 to 27, tweeted decentraland, reported coindesk.
Billionaire investor Anthony Pompliano was asked in a recent interview on CNBC about the volatile nature of Bitcoins and said that we are thinking about bitcoin volatility in the wrong way. He was quoted as saying, “Volatility is not good or bad, right? Basically, volatility is only bad when it goes against you, so if you long an asset and it goes down you don’t like volatility, if you long an asset and it goes up, you do like volatility,” reported cryptoslate.com.