As per Coinmarketcap.com, the market cap of the global crypto market has slumped to $1.62 trillion, registering a decline of over 12% over the previous day. Volume in the market though has gained by 26.75% in the last 24 hours to $131.32 billion.
Following the previous day's sharp fall, the crypto assets continued to tumble, with the largest token Bitcoin down by close to 9 percent at $35.5K at around 2:45 pm (IST). Here are given the prices of 10 other top crypto assets as compiled by Coindesk along with the 1-day fall
|Cryptocurrency||Price as at around 2:45 pm on Jan 22, 2022||% change over 24 hrs.|
Why such a steep crash in crypto prices?
The main reason behind the sell-off in the crypto world is the proposal by the Russian central bank to prohibit cryptocurrency. The Reuters report quoted 2 sources close to the bank as saying that the Russian central bank wants to ban investments in cryptocurrencies in Russia, given the risks to financial stability in the rising number of crypto transactions. Notably, despite resisting cryptocurrencies for years, Russia granted cryptocurrencies the legal status in 2020. Nevertheless, the use of these digital assets for payments remained prohibited.
Besides, even before Russia's call to ban cryptocurrency in the country, the crypto market has been on a downside owing to the US Federal Reserve's hawkish tone and decision to hike interest rates multiple times through the current year to combat the soaring inflation.