Print Edition

economictimes.indiatimes.com:

The unstable algorithms of 'stablecoins' are hurting the crypto market sentiments, while the US dollar-pegged tokens are getting 'depegged' and dragging the market lower. Other than this, rising inflation numbers across the globe are worrying investors over the looming economic slowdown. Russia's unprovoked attack on Ukraine has just added to the woes.

Did you Know?

Apparel maker Gap has launched NFTs for its iconic hoodies. The more than 50-year-old company's push to sell virtual assets for real money follows similar moves by clothing companies such as Nike

None of the tokens was trading in the green during the early hours on Thursday. Bitcoin plunged 8 per cent whereas Ethereum dropped 13 per cent. And the pain in altcoins was more intense. Leading names including Shiba Inu, Dogecoin, Polkadot, Solana, BNB, Cardano and Avalanche lost about one-third of their value in the last 24 hours. Worst hit Terra has wiped out 99.9 per cent of investors' wealth. The global cryptocurrency market cap was trading sharply lower at the $1.25 trillion mark, down 13 per cent in the last 24 hours. However, the total cryptocurrency trading volume rose about 40 per cent to $218.14 billion.What's cooking in IndiaIn a strongly worded reaction to its recent run-in with the Indian central bank, Brian Armstrong, CEO and co-founder of Nasdaq-listed Coinbase said the company disabled its Unified Payments Interface (UPI) services because of “informal pressure” from the Reserve Bank of India. “India is a unique market, in the sense that the Supreme Court has ruled that they can't ban crypto, but there are elements in the government there, including at the Reserve Bank of India, who don't seem to be as positive on it,” he