Cryptocurrency prices remained muted today as most cryptocurrencies, including Bitcoin and Ethereum, saw a sharp decline. The cryptocurrency market is under pressure amid a cautious mood in global markets ahead of the US Federal Reserve’s annual global central banking conference in Jackson Hole, Wyoming on August 26.

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The global cryptocurrency market cap was at $1.04 trillion, down 6.84% in the last 24 hours. However, the total cryptocurrency 24 hours trading volume is $79.59 billion.

The Bitcoin fear and greed index on Friday, August 19, 2022, went from the fear level of 30 to the level of 33 as per the alternative. me. The Fear and Greed index is a technique for assessing investors’ emotions toward the market.  

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The Bitcoin is currently trading at $21,769.98, down by 7.47%. In the last 24 hours, the highest it touched was $23,563.83 and the lowest was $21,718.54. Bitcoin has a current market cap of $416,327,767,066. It has a circulating supply of 19,125,587.00 coins. BTC coins have a maximum supply of 21,000,000 coins.

The digital token is down over 50% so far this year and trading over 70% below its record high of $69,000 it had hit in November 2021.

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SBI Holdings to shut Bitcoin mining operations in Russia

SBI Holdings, Japan’s leading financial services company, will shut down its mining operations in Russia. One of the reasons behind the move is the overall uncertainty over the prospects of the mining business in Siberia after the Sanctions imposed on Russia in the wake of its invasion of Ukraine, according to a Bloomberg report. The crypto’s global market rout this year is something SBI took into consideration as the Bitcoin mining business became less profitable.

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Australia crypto exchange Swyftx cuts staff by 21% amid bear market

Australia-based crypto exchange Swyftx has laid off 21% of its workforce, two months after announcing its merger with online share trading platform Superhero. Co-chief executives Alex Harper and Ryan Parsons informed all staff on Wednesday that the company would be cutting roles and 74 colleagues had to be let go, as the current economic climate that they were hired in has shifted dramatically.

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“We started growing our team in a very different world, and it’s now prudent to make sure our cost base is compatible with this extended period of economic uncertainty. As you’re all aware, we are operating in an uncertain business environment, with levels of domestic inflation not seen in over two decades, rising interest rates, highly volatile markets across all asset classes, and the potential for a global recession,” the co-CEOs wrote to staff.