Crypto Charts Refresh With Greens as War-Struck Ukraine Legalises Crypto Sector

Bitcoin and Ethereum gains come after Ukrainian President Volodymyr Zelenskyy legalised the crypto business in the country.

By Radhika Parashar | Updated: 17 March 2022 11:06 IST

Crypto Charts Refresh With Greens as War-Struck Ukraine Legalises Crypto Sector

Photo Credit: Pexels/ Worldspectrum

The current market cap of the crypto sector stands at $1.82 trillion

Highlights

Polkadot among other altcoins saw gains
Dogecoin and Shiba Inu prices rose with minor profits
Stablecoins lost steam

Bitcoin rallied up on the price charts on Thursday. With a gain of 3.82 percent, the oldest cryptocurrency is trading at $42,172 (roughly Rs. 32 lakh) on Indian exchange CoinSwitch Kuber. The market opening for Bitcoin hasn't been shabby on international exchanges either. On Binance and CoinMarketCap for instance, BTC roped in gains of up to 4.20 percent. The price of this most valued crypto on global platforms is around $41,099 (roughly Rs. 31 lakh). Clearly, BTC has shown recovery in the last two days where previously its trading value was hovering around $38,000 (roughly Rs. 29 lakh).

Ether reeled-in even bigger gains than Bitcoin in terms of escalation in its trade values. ETH gained 4.14 percent, taking its value to $2,838 (roughly Rs. 2.15 lakh) as per Gadgets 360's crypto price tracker. On international exchanges like Coinbase, ETH price is up by 4.82 percent and its currently trading at $2,764 (roughly Rs. 2 lakh).

The gains for BTC and ETH come after Ukrainian President Volodymyr Zelenskyy legalised crypto in the country. Bitcoin and Ether along with other crypto assets brought in millions of dollars' worth of donations to the war-struck Ukraine, which is still under attack from Russia.

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Ukraine has pledged governmental support for national and foreign crypto exchanges as part of its new crypto legalisation law, signed on March 16, 2022. The country, unlike El Salvador, has not adopted Bitcoin or any other cryptocurrency as a legal tender.

Ukraine has legalized the crypto sector — @ZelenskyyUa signed a law. From now on foreign and Ukrainian cryptocurrencies exchanges will operate legally and banks will open accounts for crypto companies. It is an important step towards the development of the VA market in Ukraine. pic.twitter.com/lqqO1J9r1k
— Міністерство цифрової трансформації України (@mintsyfra) March 16, 2022

Majority altcoins including Binance Coin, Cardano, Solana, Avalanche, and Polkadot are also reaping gains from the market movement situation.

Dogecoin and Shiba Inu also saw small profits after days of laying low.

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Industry experts, however, are waiting to watch the impact of US' revised interest rate order on the crypto market.

The US Federal Reserve has raised interest rates from 0.25 percent to 0.5 percent for the first time since 2018, in order to combat the surging inflation rate.

“In most cases, the rise of interest rates tends to signal uncertainty for the crypto market as investors have greater access to yield from low-risk avenues of the market,” the CoinDCX research team told Gadgets 360.

“Yet, in contrast, the past 24 hours have witnessed the crypto market responding atypically, trending further upwards. This could be a case of a lag in market reaction and investors may only begin to witness its true impact on crypto down the line. The interest rate hike may pose another hurdle for investors entering the digital asset market.”

Under the circumstances, stablecoins such as Tether, USD Coin, and Binance USD opened with small losses.

Stablecoins are those crypto assets that are collaterised alongside a stable reserve asset such as gold or a fiat currency like the US dollar.

Meanwhile, the International Monetary Fund (IMF) continues to show skepticism towards the crypto sector. The IMF has agreed to extend a debt repayment time for Argentina and has listed discouragement of crypto usage as one of the conditions.

The current market cap of the crypto sector stands at $1.82 trillion (roughly Rs. 1,38,57,131 crore), as per CoinMarketCap. On March 15, the same figure stood lower at over $1.72 trillion (roughly Rs. 1,31,73,856 crore).

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Binance Coin, Cardano, Solana, Avalanche, Polkadot, Dogecoin, Shiba Inu, Tether, USD Coin, Binance USD, Stablecoins, Ukraine Russia War, Ukraine

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More