Cryptocurrency update: Cryptocurrency prices remained under pressure on Monday, March 14, amid the war in Ukraine as Russian forces continued to invade the country. Bitcoin, the world’s largest cryptocurrency by market value, also fell on the day by a slight margin. According to data from the global cryptocurrency tracking platform CoinMarketCap, the price of Bitcoin stood at $38,503.02 today, down 1.67% in the last 24 hours. It should be noted in this regard that as tension between Ukraine and Russia rises, analysts predict that the cryptocurrency may slide towards the key $30,000 mark.
Ethereum or Ether, the second most popular cryptocurrency in the global market, also fell 0.73% in the last 24 hours to settle at $2,568.89, according to data from CoinMarketCap. However, on a weekly basis, Ether is up 1.70 percent.
Bitcoin slipped below the $40,000 level towards the last week of February as the Ukraine-Russia conflict intensified. On the other hand, the price of gold jumped to its highest level since June last year. Analysts have mentioned that Bitcoin may drop further to drop below $30,000 as traders are expected to prefer gold now.
The global cryptocurrency market also tanked again amid the Russian and Ukrainian crisis as most major cryptocurrencies lost their value. The cryptocurrency market capitalization stood at $1.72 trillion, according to data from CoinMarketCap. This dropped by 1.44 percent in the last 24 hours. However, the global crypto volume increased during the last day. The total volume of coins traded amounted to $65.74 billion over the course of the last day. This has fallen 22.97 percent in the last 24 hours, according to data on the website.
“The global crypto market capitalization and trading volume fell during the last day. Bitcoin and Ethereum are currently trading at US$38,000 and US$2,500. BTC has continued to fluctuate between $39,000 and $42,000 over the last week,” said Edul Patel, CEO and co-founder of Mudrex.
“Based on market cap, the top cryptocurrencies are also in the red. Cryptocurrencies, stocks and commodities have also seen strong price movements over the past month, showing investors’ uncertainty due to the crisis of war and inflation. Due to these reasons, we could see a lot of volatility in the crypto market this month,” he added.
Here are the top 10 cryptocurrencies and their prices on Feb 19, 2022 (data from coinmarketcap.com at the time of publishing this article)
Bitcoin $38,503.02 or 1.67 percent loss in the last 24 hours
Ethereum $2,568.89 or 0.73 percent loss in the last 24 hours
Tether $1.00 or 0.00 percent gain/loss in the last 24 hours
BNB $368.52 or 1.89 percent loss in the last 24 hours
USD Coin $1 or 0.00 percent gain/loss in the last 24 hours
XRP $0.7676 or 3.77 percent loss in the last 24 hours
Terra $90.16 or 3.20 percent gain in the last 24 hours
Cardano $0.8052 or 1.06 percent gain in the last 24 hours
Solana $80.28 or 2.69 percent loss in the last 24 hours
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