Cryptocurrency markets tanked on Friday after rallying in anticipation of US President Joe Biden’s executive order on cryptocurrencies and Dubai regulations. The rally, which has now ended, is reflected on the top tokens that are all in red.

The global market cap dipped by a significant 4.53 per cent in the last 24 hours and is at $1.72 trillion as of 9:30 AM IST, CoinMarketCap data showed.

Bitcoin is down by 6.03 per cent and is trading at $38,407. Ethereum has slipped by 4.95 per cent and is trading at $2,535.

The USDT Tether stable coin is at a 0.0 per cent change from its value 24 hours ago.

The BNB token also plunged with all top tokens in red and is currently down by 5.32 per cent. The USDC stable coin went down by 0.05 per cent.

Terra LUNA is down by 0.41 per cent. XRP Ripple showed downward movement and is now down by 2.76 per cent.

The ADA token has tanked by 5.08 per cent despite being down by over 4 per cent third day in a row. It is being speculated that this happened because the credentials of the co-founder of the Cardano blockchain, Charles Hoskinson, were proved to be false.

Solana and Avalanche are down by 4.82 per cent and 1.14 per cent respectively.

Qatar 2022 Token was the biggest gainer in the last 24 hours. It went up by over 1,962 per cent.

Base Protocol also showed an astronomical surge of over 1,930 per cent. CyboShiba, You Coin and Penta all went up by over 300 per cent.

Spook Inu, Big Mouth Monster, Belon DAO, SuperPlayer World and Pudgy Pups Club all tanked by over 90 per cent.

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By block head

Block Head is a blockchain journalist.