Bitcoin, Ether Drop in Value as Russia Sanctions Bring Crypto Exchanges into the spotlight
Bitcoin has been hard pressed to break higher over the past two days, with bulls selling between $42,000 (approximately $31.5k) and $44,000 (approximately $33). The largest cryptocurrency by market cap, which last week was close to a retest of support levels seen at the end of January, now appears to have disappeared although BTC bulls have yet to give up. The world’s most valuable cryptocurrency has seen a 2.7% drop in value through Thursday, the decline has also increased through early Friday, reflecting a 4.76% drop in value in the last 24 hours. The value of Bitcoin currently stands at $43,678 (approximately Rs 33 lakh) on the Indian exchange CoinSwitch Kuber.
Meanwhile, on global exchanges, the price of the most popular cryptocurrency is at $41,726 (about Rs 31.5 lakh), down 4.74% in the last 24 hours. According to CoinGecko data, Bitcoin is still up 8.2% in value over the past week, as Invasion of Russia belong to Ukraine highlighted the potential usefulness of cryptocurrencies for investors.
Ether, the second largest cryptocurrency by market capitalization, has also been depleting in value over the past few days. At the time of publication, Ether is valued at $2,877 (approximately Rs. 2 lakh) on CoinSwitch Kuber while values on global exchanges show the value of this cryptocurrency hovering above the $2,750 mark ( around Rs. 2 lakh) at $2,744 (approximately Rs. 2 lakh) ), where the coin is down 6.51% in the last 24 hours. Compared to the price of Ether a week ago, which is similar to BTC, CoinGecko data reveals that the value of this cryptocurrency has increased by more than 5%.
Gadgets 360’s Cryptocurrency price tracker revealed that the crypto euphoria in terms of demand in Russia and Ukraine may wane a bit. Binance Coin, Terraand avalanche led the green spike earlier this week all declined in value over the past 24 hours, followed by Polygon, Polkadot, Cardanoand Solana. Stablecoins seem to be the only value in green over the past 24 hours.
The Meme Shiba Inu and Dogecoin have also fallen in value, just like the rest. Dogecoin is currently worth $0.14 (about Rs 10.5) after dropping 4.88 percent in the last 24 hours, while, Shiba Inu valued at $0.000026 (about Rs 0.0019), down 4.47 percent in the last 24 hours.
After an impressive few weeks, the value of the cryptocurrency plummeted through the end of Thursday and early Friday. The biggest market news is that US Federal Reserve Chairman Jerome Powell announced that he is expected to support a short-term rate increase at the Fed meeting in March, something that some investors have not seen before. Investors may think that the current situation is not favorable for the global geopolitical situation.
US Senator Elizabeth Warren and three other Democratic lawmakers, meanwhile, urge The Treasury Department, to ensure the crypto industry is abiding by sanctions imposed on Russia, expressed concern that digital assets could be used to undermine policy goals for Russia. foreign of the United States.
On the other hand, the European Commission also study A senior European Union official said whether crypto assets are being used to enforce financial sanctions on Russian banks following the country’s invasion of Ukraine. are not.
Cryptocurrency is an unregulated digital currency that is not a legal tender and is subject to market risk. The information provided in the article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV will not be liable for any loss arising from any investment based on any recommendations, forecasts or any other information contained in the article.
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