The global crypto market is experiencing a downtrend and the new Central African Republic Bitcoin law will pave the way for the country to use the popular crypto as a legal tender.
The crypto market is all red
Red is the color of cryptocurrency markets as significant top tokens see a fall in the last 24 hours. In the past 24 hours, global market capitalization has decreased by 1.97 percent and stands at $1.80 trillion as of 8:00 AM IST, according to TradingView data.
Bitcoin has dropped by 1.87 percent and is currently trading at $38,429,42. Ethereum has also fallen 2.58 percent and is now valued at $2861.
In the last 24 hours, the USDT Tether stablecoin has not moved. The USDC stablecoin, on the other hand, lost 0.01 percent of its value.
The Binance Coin (BNB) price has dropped by 2.58 percent. Ripple’s XRP is down 3.49 percent in the last 24 hours.
In the last 24 hours, the ADA token fell 2.21 percent. In the last day, the value of Terra LUNA has decreased by 1.93 percent. Solana also experienced a 3.50 per cent drop and Avalanche is also down by 3.97 per cent.
In summary, the major top tokens are experiencing a downtrend in the last 24 hours.
Central African Republic Bitcoin law has passed
Despite the cryptocurrency markets’ negative trends, the newly passed Central African Republic Bitcoin law enables the country to accept the cryptocurrency as legal tender. Dogecoin can now be sent without an active internet connection, thanks to Starlink’s radio technology curated by Elon Musk’s SpaceX.
Furthermore, Yuga Labs, the creators of Bored Ape Yacht club, said that the most valuable NFT collectable would soon enter the metaverse. It’s worth noting that Coinbase recently announced they’ll make a trilogy based on popular NFT collection.
By the way did you know that the Lightning Network will allow you to use Bitcoin at McDonald’s and more?
