After logging decent gains over the past few days, crypto traders turned defensive as tensions between Russia and Ukraine intensified. The world’s most popular cryptocurrency was down 0.96 per cent at $40,229.01, according to coinmarketcap.com Bitcoin is down about 6 per cent in 2022 (year-to-date or YTD) so far. Bitcoin is down about 35 per cent since it peaked at almost $69,000 in November last year as risk aversion grows with the Federal Reserve and other global central banks starting to tighten financial conditions and remove pandemic-era liquidity from the system.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, also declined 5.57 per cent to $3,015.28. Similarly, Binance Coin dipped about 2 per cent to $413.

The global cryptocurrency market-capitalisation fell 1.47 percent over the last 24 hours to $1.83 trillion while trading volumes were down about 16.75 percent to $72.95 billion. While decentralised finance (DeFi) accounted for 12.29 percent of the 24-hour cryptocurrency trading volume at $8.97 billion, stablecoins constituted 80.75 percent of the same at $58.91 billion.

Lawmakers in Wyoming, USA proposed the Wyoming Stable Token Act (SF0106), which paves the way for the crypto-friendly state to launch its own dollar-pegged token.

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The proposed bill is sponsored by state senators Chris Rothfuss and Tara Nethercott, along with state representatives Mike Yin and Jared Olsen. The act would allow Wyoming treasurer Curtis Meier Jr. to create a state stablecoin pegged to the U.S. dollar. The token would be redeemable for a single dollar held in trust by the state.

Senior staff at the Federal Reserve will no longer be able to hold cryptocurrencies, among other assets such as stocks, according to an announcement today.

In a statement from the Federal Open Market Committee (FOMC), the branch of the Fed that determines the direction of monetary policy, the new rules laid out for “investment and trading activity of senior officials.”

The FOMC said that senior Federal Reserve officials can no longer buy crypto, individual stocks or sector funds, or hold investments in individual bonds, agency securities, commodities, or foreign currencies. They also can’t enter into derivatives contracts, and engage in short sales or purchasing securities on margin.

Here are the top 10 cryptocurrencies and their prices on February 19, 2022 (data from coinmarketcap.com at the time of publishing this article)

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Bitcoin $40,229.01 or 0.96 per cent loss in the last 24 hours

Ethereum $2,816.41 or 2.49 per cent loss in the last 24 hours

Cardano $1.01 or 2.17 per cent loss in the last 24 hours

Tether $1.01 or 0.02 per cent gain in the last 24 hours

Terra $51.95 or 2.13 per cent gain in the last 24 hours

XRP $0.7933 or 1.09 per cent gain in the last 24 hours

Solana $91.93 or 2.34 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

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