Bitcoin dropped below $44,000 and other altcoins did the same. Ethereum was unable to keep its value at $3,000, while many other cryptos fell even more, such as Cardano (Solana), BNB and others.
Bitcoin trading lower than the 50-day average in the last five weeks after briefly touching $4600 the week before. However, the cryptocurrency’s price has fallen back down to earth with a drop of over $4,000 in a week.
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Yesterday saw bitcoin’s price surpass $44,000. It even neared $45,000 last night before being stopped in its tracks again by the level’s challenge.
Recent fluctuations in cryptocurrency markets have seen Bitcoin drop to just $44,000 from its current level and some drops to $43,000. However, despite this drop in value, it’s still worth more than 800 billion dollars.
With the announcements that legacy financial firms are now adopting cryptocurrency, this price decline seems misguided. It was the New York Stock Exchange that announced this week’s dramatic increase in cryptocurrency adoption. They want their own crypto brokerage.
Altcoins on the Way Down
Recent volatility in the crypto market saw most of its coins lose value. Ethereum reached as high as $3200, but it failed to keep its climb upwards. Now, it fights for staying above 3,000 USDT/ETH zone, which it occupied this morning before losing some traction throughout yesterday’s trading sessions (24 hours).
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Some coins have a better reputation than others, as the market for cryptocurrency is experiencing a decline today. Cardano, Solana, and Ripple experienced lower drops of around 3-5% per day volatility. Ripple, however, had more severe fluctuations, at 1.5%. In addition, the two largest meme coin holders – Dogecoin (DOGE) or Shiba Inu (SHIB), have been retracing their recent gains somewhat more moderately, which suggests that they may continue heading towards an increase in value soon enough.
ATOM’s recent rise has left other coins in the shade, with its 3.5% increase putting it on track for a fifth week as one of Bitcoin’s most valuable members.
Crypto market capital decreased by around $180billion in the last day to 1.82trillion now. This is down from a record high of 2. Trillion dollars just weeks ago.
The War Between Russia and Ukraine on Bitcoin
Joe Biden called President Volodymyr Zelesky of Ukraine in order to talk about the tensions that continue between Russia and Ukraine. The United States’ senior political figure reportedly held an hour-long chat with him Monday evening. They discussed ways to deal with this current geopolitical hotspot before it gets worse.
Jake Sullivan, U.S. national safety advisor, expressed concern about invaders to the press.
Bitcoin and Ethereum both fell more than 9% in the six-months following growing fears about a Russian attack on Ukraine.
Investors were faced with a difficult decision: Sell their assets, as the market suffered a significant drop.
Featured image taken from Pixabay. Chart from TradingView.com