The majority of the cryptocurrencies were trading in the green on Monday, with Bitcoin falling below $39,500 level. The world’s largest virtual currency, in terms of market capitalisation, was up 2.07 percent at $39,256.78 at 2:00 pm, according to CoinMarketCap.
Bitcoin market cap was at $739.7 billion, while the trade volume hovered just over $20 billion. The cryptocurrency has shed nearly 7 per cent in the past seven days. Bitcoin has witnessed a volatile trend over the past year - the virtual currency oscillated between a high of $69,000 and a low level of $33,000.
Ether, the world’s second-largest cryptocurrency which is linked to ethereum blockchain, traded flat at $2,741.59. However, the virtual currency has fallen nearly 5 per cent over the past seven days.
Other cryptocurrencies such as Litcoin, XRP, Chainlink, Cardano, Polygon, Stellar, Internet Computer, Avalanche, and Terra were trading in the positive territory over the past 24 hours.
Edul Patel, CEO and co-founder, Mudrex, said: “The market is witnessing a heavy selling pressure since the past one month. This situation may be because of the ongoing tension between Russia and Ukraine alongside the inflation. The downward trend is likely to continue for few more days. The coming week would be crucial for the entire crypto spectrum."
International Monetary Fund (IMF) Managing Director Kristalina Georgieva last week said unbacked cryptocurrencies will be no match for prudently designed central bank digital currencies (CBDCs).
Meanwhile, making a strong case for banning cryptocurrencies, RBI Deputy Governor T Rabi Sankar had said they are even worse than Ponzi schemes and threaten the financial sovereignty of a country.
L’Oreal is seeking trademarks for “digital media, namely, collectibles, art, tokens, and non-fungible tokens (NFTs); NFTs featuring collectible digital items, images, photographs, art, videos or audio recordings used with blockchain technology.”
The filings also include requests to trademark “cosmetics and makeup preparations to be sold for virtual avatars” and “retail store services and online store services in relation to virtual goods, namely, cosmetics, makeup preparations, cosmetic brushes, and makeup brushes.”
Notably, NFT collectors had been losing NFTs and Ethereum from wallets on the NFT platform OpenSea. The platform has now confirmed that what happened was a phishing attack, which saw over $1.7 million in assets shifted to the malicious wallet, now labeled Fake_Phishing5169.
OpenSea says it is “actively investigating rumors of an exploit" that occurred on the popular Ethereum NFT marketplace Saturday. Users reported that digital assets, including NFTs from the Cool Cats and Doodle collections, had been stolen.
Here are the top 10 cryptocurrencies and their prices on February 21, 2022 (data from coinmarketcap.com at the time of publishing this article)
Bitcoin $39,256.78 or 2.07 per cent gain in the last 24 hours
Ethereum $2,741.59 or 4.15 per cent gain in the last 24 hours
Cardano $0.9728 or 4.07 per cent gain in the last 24 hours
Tether $1.00 or 0.00 per cent gain in the last 24 hours
Terra $51.89 or 8.93 per cent gain in the last 24 hours
XRP $0.7933 or 1.09 per cent gain in the last 24 hours
Solana $95.08 or 10.34 per cent loss in the last 24 hours
Avalanche $84.63 or 4.59 per cent loss in the last 24 hours
Binance $1.00 or 0.04 per cent gain in the last 24 hours