Crypto market update: Bloodbath follows ‘crypto Waterloo’

By Raffaele Redi

Cryptos are bleeding but USD-backed stablecoin Tether withstands the sell-off

Stock trading screen on a computer                                 
The Bank of Russia’s crypto ban proposal sent crypto prices on a downward spiral – Photo: Shutterstock
                                

Yesterday’s crypto bloodbath was still ongoing as of noon on Friday 21 January, wiping away almost one year of investors’ gains. The price of most leading cryptos continued to fall after the Bank of Russia proposed a ban on cryptocurrencies and related activities, to pave the way for a Russian Central Bank Digital Currency (CBDC).

Meanwhile, escalating tensions between Russia and Ukraine have taken centre stage in traditional stock markets, which are all in the red today, and have affected commodities prices as well. The price of Brent crude was 1.3% lower at $87.22 per barrel, with US WTI lower by 1.4% at $84.35. Gold was $1,834.09 per ounce, around 0.3% lower in the last 24 hours.

Meanwhile, the major cryptocurrencies were all trading lower at midday, with crypto investors worried as large miners Marathon Digital Holding and Riot Blockchain were both bleeding in the last US trading session, and show even more worrying pre-market losses.

Pre-market figures project Riot shares’ value to fall to around $15.77 after a 10% loss, while Marathon is about to open the last US trading session of the week lower by 10% at $22.53.

High BTC volumes

According to Currency.com, bitcoin (BTC), the largest cryptocurrency by market capitalisation, is trading 9.2% lower over the past 24 hours at $38,193.07 – and 9.3% lower over the past seven days.

The market cap of BTC was around $722.3bn, representing around 39% of the crypto market capitalisation, while the leading crypto’s trading volume was around 132% higher at $38.9bn in the past 24 hours.

Total crypto market capitalisation fell by around $200bn, from $1.984trn to $1.783trn, over the past 24 hours.

Sell-off for ETH and SOL, Tether resists

In line with other major cryptos, ether (ETH) was trading 11% lower at $2,794.94, with a market capitalisation of $331.1bn. The cryptocurrency’s trading volume was around 148% higher at $21.4bn in the past 24 hours.

Solana, Ethereum’s main competitor when it comes to powering NFTs and the metaverse, was trading 14% lower at $118.21, with a market cap of $37.1bn and a trading volume of $2.6bn, 276% higher in the last 24 hours.

Binance coin (BNB), now the fourth-largest cryptocurrency by market capitalisation, was trading 10% lower at $415.93, with a market cap of $68.9bn and a trading volume of $3.1bn – almost 95% higher in the past 24 hours. 

Finally, Cardano (ADA) was trading 11.4% lower at $1.19.

Meanwhile Tether, as a USD-backed stablecoin, seems the only crypto to withstand sell-off pressures, becoming the third-largest cryptocurrency by market capitalisation, which currently stands at $78.3bn.

Elsewhere, several other minor cryptos witnessed an increase of more than 100% in the past 24 hours, but Dogey-Inu (DINU) was trading down by over 100% with its price touching the zero USD level.

All prices correct as of 13:15 GMT.

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