Crypto report: Bitcoin, Ethereum lose over 6% in 24-hours

Temitope Akintade

The crypto market and other financial markets might recede in the coming days, as tension of the Russian invasion of Ukraine is creating problems for the world economy. Canada has also sanctioned more than 34 crypto wallets because of their alleged links with truckers’ Freedom Convoy. These sanctions have also affected the total value of the market.

Values in the market keep fluctuating. The total market cap has a decline of 5.99%, with major coins in losses at press time. Below is an overview of the market situation and leading coins.

Bitcoin

The 24-hour data for Bitcoin shows a loss of 7.13%, with a market price of $40,724. The weekly performance shows -5.93%. Bitcoin price is going through an uncertain period due to the Ukraine tension.

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Investors fear losses if the tensions turn to war. For this reason, they have reduced their investments in crypto and other commodities. The result is a loss in the value of bitcoin and other major coins.

Ethereum 

The current price of Ethereum is $2,908, amounting to a 5.83% 24-hour loss. The 7-day chart analysis also shows a decline of 6.65%. Analysis of the weekly graph for Ethereum shows that it had gained a significant amount a day back, and then all of a sudden it shed it. Ethereum has remained a close partner in sufferings with bitcoin. Both have shed value due to growing fears of Ukraine’s Russian invasion. 

XRP

The sixth largest cryptocurrency by Marketcap sees no difference from the current market situation. It has continued to be bearish for the past few days.

The 24-hour data shows a loss of 3.54%, which has taken its market price to $0.8001. Taking a peek at the seven-day data, it shows a loss of 2.71%. 

Chainlink has changed directions following consistent gains. The last 24 hours proved difficult for it as it shed 6.24%. In comparison, the seven-day data shows that depreciation is about 9.10%. The current market price is $15.93.

The market has been plunged into a state of instability due to the economic and political situation globally. The impacts of these changes on the crypto market are evident because of its losses. Due to the ongoing situation, the global crypto market’s value has been reduced to $1.86T. If the situation worsens, there are chances that it might recede further. The impacts on stocks, oil, futures, and other areas are evident as there is a trend of bearishness generally.


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