Bitcoin’s price fell below $40,000 and other major cryptocurrencies, including Ethereum, slipped. The ongoing Russia-Ukraine war continues to have an impact on the global crypto market.
Apart from the conflict between Moscow and Kyiv, South Korean President-elect Yoon Suk-yeol promised his administration would be crypto-friendly.
BITCOIN, ETHER DOWN
Bitcoin price fell by 1.69 per cent to $38,486. It seems that Bitcoin is likely to remain volatile. Ethereum was down by 0.79 per cent at $2,567.
“The global crypto market cap fell by nearly 3 per cent, while the trading volume rose by 17 per cent in the past 24 hours. Bitcoin and Ethereum continued to fluctuate on the weekend. BTC and ETH are currently trading at US$38,000 and US$2,500 levels. The largest cryptocurrency, BTC, had been jumping between US$38,000 to US$42,000 over the past week,” Edul Patel, CEO and Co-founder, Mudrex said.
OTHER CRYTOCURRENCIES IN RED
XRP was down by over 4 per cent, Solana fell by over 2 per cent, Avalanche was down by 4 per cent, Polkadot was down by over 3 per cent, Stellar fell by over 3 per cent, Dogecoin was down by over 1 per cent, and Shiba Inu was down by over two per cent.
According to the market cap, the top cryptocurrencies are also running red. Cryptos, stocks, and commodities have also been experiencing sharp price movements over the past month, showing the investors’ uncertainty due to the war crisis and inflation. Due to these reasons, we could see a lot of high volatility in the crypto market this month, Patel said.