The cryptocurrency market has dropped by 1.6% in the last 24 hours, with the global market capitalisation standing at $2.32 trillion on Friday. Almost all major cryptocurrencies dropped, with Bitcom falling 4.2 percent in the last 24 hours to trade at $47,041 per unit at the time of the last update. Ethereum, another major digital currency, fell 2.3% in the last 24 hours and was trading at $3931 per unit.
Other cryptocurrencies that experienced a drop on the CoinGecko platform included Dogecoin (-3.8%), Shiba Inu (-45%), Binance (-1.3%), Tether (-0.3%), and Cardano (-0.3%). (-4.7 per cent)
The cryptocurrency market crash corresponds with revelations by blockchain data platform Chamalysis, which claimed that cryptocurrency scams increased by 81% in 2021 compared to the previous year. Rug pulls, in which cryptocurrency developers launch new tokens only to abandon them unexpectedly, taking users’ funds with them, were also revealed to be the most common type of scam.
The research firm summed up that over $7.7 billion worth of cryptocurrency was robbed of victims worldwide Of this, rug pulls alone accounted for more than $2.8 billion (around Rs 21.3 crore) worth of cryptocurrency swindling
With considerations about cryptocurrency security growing, IMF Chief Economist Gita Gopinath, who met with Prime Minister Narendra Modi on Thursday, was recently quoted as saying that rather than outright banning cryptocurrencies, governments would be better served to develop a global framework to regulate the fast-evolving space.