The US dollar has strengthened as Bitcoin continues to fall. This is due to impressive economic statistics, which indicated that there were more US jobs created than anticipated.
Bitcoin – the world’s alpha dog cryptocurrency – slid down into Sunday’s weekly closing, with geopolitical frictions and concomitant macro sluggishness firmly on the spotlight.
BTC’s price was down 6% overnight, despite several mid-week rebounds, as the global crypto market lost a massive $78 billion in market capitalization.
Trois-day Losses As Bitcoin Falls Back
Mid-Sunday, Bitcoin was back in the $38,000 range. Still up by 5% over a single month, the cryptocurrency. Ethereum traded at $2625, down approximately 4% and 5% respectively on the day. It also fell by 2% over a one-month period.
TradingView and Cointelegraph Markets Pro data revealed that BTC/USD pairs were in the middle of testing $38,000 as support at the time. Three-day losses are close to 12%.
According to market expert Holger Zschaepitz, global stocks have lost roughly $3 trillion in market value this week as the ongoing Russia-Ukraine conflict threatens to trigger a “huge stagflationary shock.”
Source: TradingView.com| Source: TradingView.com
Showing Strength
Bitcoin climbed 20% to $45,077 in 48 hours. At the time, the cryptocurrency was floating above established financial markets, like the NASDAQ and S&P 500, which appeared to be faltering in the wake of Russia’s attack on Ukraine.
Mike McGlone, senior commodity strategist at Bloomberg Intelligence, stated that Bitcoin is demonstrating strength as it outperforms the NASDAQ stock index and is “maturing toward global digital collateral.”
See Related Article| Bitcoin Staggers After Putin’s Nuclear Deterrence Alert Warning
Lindsey Bell, Ally’s Chief Markets and Money Strategist, was quoted by Bloomberg as saying “the war in Ukraine continues to worsen, putting the world on edge.”
Bell pointed out that the uncertainty in markets has made it extremely challenging to invest.
The Red Territory
The global cryptocurrency market is in the red since Friday when it suffered a loss of $99 billion.
Bitcoin is still a cautionary currency. However, most indicators point to the continuation of current trading ranges.
Meanwhile, Russia’s stock market remained closed for the fifth consecutive day on Friday, while the Russian ruble dropped more than 30% versus the US dollar on a weekly basis.
The ruble fell to an all-time low of $0.00799 on Saturday, as the market continued to bear the brunt of Russia’s invasion of Ukraine.
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Featured Image from New York Post. Chart from TradingView.com