Cryptocurrency market crashes as Ukraine-Russia conflict has no end, China continues to fall

The second week of March has yet to begin with a bang for the crypto market. Bitcoin opened with a 2.20% loss on Monday, March 7. According to Indian exchange CoinSwitch Kuber, BTC is trading at $39,398 (about 30 lakh). On international exchanges like Binance and Coinbase, Bitcoin suffered a loss of more than 2.12% with the trading value hovering around $37,784 (about 29 lakh). This week, Bitcoin entered the market with a low overall value. For most of the last week, the price of this cryptocurrency hovered around $45,000 (about Rs 34.5 lakh).

The drop in Bitcoin, which usually slows down the overall market momentum, comes against the backdrop of a number of events. Russia continued to push hard into Ukraine during an invasion that began on 24 February. In addition, China decided to keep Cryptocurrency suppression fully operational despite criminalizing Bloomberg crypto mining, trading and fundraising report.

Ether follow Bitcoin to see the depth. With a loss of 3.43%, Ether price has dipped below the $2,700 mark (about Rs. 2.08 lakh), according to Gadgets 360’s Cryptocurrency price tracker.

Starting from the second week of March, Ether value stood at $2,629 (approximately Rs. 2 lakh) on CoinSwitch Kuber. On international exchanges, ETH is trading at around $2,518 (about Rs 1.95 lakh) with a loss of more than 3.45 percent.

Binance Coin, Ripple, Terra, Cardano, Solanaand avalanche also recorded significant losses, skyrocketing as much as seven percent.

Based on meme Dogecoin and Shiba Inu also no profit.

Stablecoins such as Tether, Money USDand Binance USD managed to make small profits.

Poor quality cryptocurrencies, such as Dogefi, Bitcoin Hedge, Floki Inuand Nano Dogecoin also register small profits.

With the geopolitical equations between Russia, Ukraine, the US and other countries currently tense, high risk assets such as cryptocurrencies are seeing investors withdraw.

Cryptocurrencies, however, have become a subject of observation in these times of war after Ukraine turned to the crypto community in an emergency. donations.

On the other hand, some political figures from the West have advised crypto exchanges to block wallets and accounts linked to Russians.

“Strong enforcement of sanctions compliance in the crypto industry is critical as digital assets, which allow entities to bypass the traditional financial system, can increasingly used as a tool to evade sanctions”, a recent report alphabet written by lawmakers to the US Treasury Department.

Meanwhile, crypto exchanges like Binance and Coinbase curb from having to block Russian accounts, calling the move unfair to innocent citizens.

The market capitalization of the crypto sector currently stands at $1.70 trillion (approximately Rs 1.31.00,139).

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 perceived recommendations, forecasts or any other information contained in the article.

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