20.02.22 News • Cryptomarket collapse in response to escalating tensions • Cardano has the cheapest transactions • and other news

The fall in prices on traditional markets also affected cryptomarket

The price of BTC fell to a minimum of $ 36,370 per BTC last night, which is almost 20% less than last week at this time. ETH and other top ten cryptocurrencies, including BNB, solana, cardano, and XRP, fell even more sharply, with cardano and XRP leading with a 15% decline over the past 24 hours.

The latest cryptocurrency drop following a fall in stock prices around the world has wiped out a staggering $ 400 billion from the combined cryptocurrency market over the past week as “extreme fear” sentiment returned after Russia exacerbated the crisis in Ukraine.

Cardano on a new record in the number of transactions

According to the Messari dashboard of the most active chains, the adjusted volume of transactions processed by the Cardano blockchain reached $ 16.71 billion. By comparison, the volume of transactions in the BTC network was $ 9.23 billion. ETH came in third with $ 3.84 billion in transactions.

Cardano has also become the cheapest network for transactions between the three most active blockchains. The 24-hour charges for the huge volume of transactions that Cardano recorded were less than $ 50,000 at the time of writing. BTC has accrued over $ 220,000 in transaction fees, while Etherea users have paid $ 19.77 million in transaction fees.

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Binance joins the Russian Banking Association

The Binance Cryptocurrency Exchange has become the first cryptocurrency entity to join the Association of Bank of Russia (ABR), the company announced last Friday.

“Binance, the world’s leading blockchain ecosystem, is announcing its membership in the Association of Bank of Russia to ensure dialogue with federal authorities, legislators, experts in digital financial assets and digital currencies,” explained company Binance.

Nigerian youth are leaving Fiat in favor of cryptocurrencies

At a time when inflation is 16%, young people are opting for a new asset class that is beyond the reach of old financial institutions. Data from 2020 show that Nigeria had the third highest volume of BTC trade, with just over $ 400 million traded in the country. This oil-rich nation also boasts the third highest number of cryptocurrency holders in the world. About 13 million people in the country hold assets in cryptocurrencies.

Kazakhstan has disconnected 13 illegal crypto mining farms

The Kazakh Energy Authority has identified and disconnected 13 unauthorized cryptocurrencies in the country as the government continues its efforts to regulate the sector.

Kazakhstan became the second largest producer of BTC in the world last year after miners moved there en masse after the suppression of mining in China, but unstable electricity supplies have made the mining environment in the Central Asian country increasingly unprofitable.