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Market dominance of Bitcoin, worlds largest cryptocurrency, declined marginally by 0.03 percent to 40.99 percent

April 09, 2022 / 08:39 AM IST

Most cryptocurrencies traded in the red early on April 9. The global crypto market dropped 2.8 percent to $1.96 trillion, while the total crypto market volume rose 9.4 percent to $89.50 billion during the last 24 hours.

The total volume in DeFi stood at $13.13 billion, accounting for 14.67 percent of the total crypto market 24-hour volume. On the other hand, the volume of all stable coins stood at $74.34 billion, or 83.06 percent of the totalcryptocurrencymarket 24-hour volume.

Market dominance of Bitcoin, worlds largest cryptocurrency, declined marginally by 0.03 percent to 40.99 percent.

Except Tether USD (up 0.55 percent), all major cryptos slumped. Bitcoin declined over 2.5 percent, while Ethereum was down overone percent. Dogecoin slid nearlysix percent, Avalanche declined 5.8 percent, and Ripple retreated overthree percent in early trade today.

In other news, the European Union (EU) on Friday targeted crypto wallets, banks, currencies and trusts in its fifth package of sanctions on Russia in a bid to close potential loopholes which could allow Russians to move money abroad.

Following Russia's invasion of Ukraine on February 24, EU-based crypto exchanges were already required to apply sanctions that bar transactions from targeted individuals, but there were concerns that loopholes remained.

The EU on Friday said it was extending the prohibition to deposits to crypto-wallets.

"This will contribute to closing potential loopholes," the EU's executive European Commission said in a statement.

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Cryptocurrency Prices Today April 9: Bitcoin, Ethereum trade in red, Tether bucks the trend - Moneycontrol