Trending

Stories

Bitcoin Fell as Cryptocurrency Markets Lost $100 Billion in 24 Hours

Must Read

Yusuf Balogun
Yusuf Balogunhttps://mssg.me/q19uh
Yusuf is a fresh law graduate and freelance journalist with a special interest in tech reporting. He joined the tech sphere in 2019 and has written several articles. He believes in tech innovations as an aspiring health law expert, in the future, Yusuf hopes to use the same for solving global health challenges.

Bitcoin has continued to lose value in the last 24 hours, dipping below $41,000 for the first time in five days. With significant price losses from Ethereum and Solana, the cryptocurrencies are once again in the red, with ATOM being the only one in the green.

The crypto industry’s entire market capitalization has dropped by nearly 4% as a result of Russia’s military invasion of Ukraine. Bitcoin has also declined over 4% in the last 24 hours, dropping from around $44,000 yesterday to $41,100 this morning.

Also Read

According to CoinGecko data, the leading cryptocurrency has since regained some of its losses and is now trading at slightly over $41,600.

After the US and most other Western nations stated they would not directly intervene in the Russia-Ukraine conflict on February 28, bitcoin began its largest daily green candle in over a year, climbing by over $6,000 and reaching $45,000.

Following that, BTC temporarily rose over the aforementioned level, setting a fresh 3-week high. However, the bears returned to the scene, and it was unable to conquer that level decisively.

The cryptocurrency began to lose value, eventually falling below $41,000 just a few hours ago. The asset has regained some ground and is now trading above that level, although it is still down by about 4% on a 24-hour scale.

As a result, the company’s market capitalization has dropped below $800 billion. It’s worth mentioning that the figure recently surpassed $850 billion.

After nearly crossing the psychologically critical $3,000 milestone on Thursday afternoon, Ethereum is down over 5%. The smart contracts platform has slowly lost points since then, through the night and into this morning. It is currently valued at $2,740.

Both assets recovered from significantly higher losses at the end of February, resulting in these losses. On February 24, Bitcoin plunged to slightly over $34,000 and Ethereum to $2,300.

Other digital assets aren’t faring any better. Solana is the market’s biggest loser among the top ten largest cryptocurrencies, with its native token, SOL, down over 6.8% on the day and now trading at just over $92.

Polkadot and Avalanche, two popular “Ethereum-killers,” have also appeared to be bearish. Both cryptocurrencies have lost about 3.5 percent in the last 24 hours.

Popular crypto-related equities like Coinbase, PayPal, and Block aren’t offering much protection to investors either. Coinbase (COIN) has dropped more than 8%, Block (SQ) has dropped 8%, and PayPal (PYPL) has dropped about 5%.

The crypto market has been rocked by Russia’s invasion of Ukraine. The incidents have triggered calls for crypto exchanges to address vulnerabilities in the sweeping set of financial penalties on Russia, in addition to adverse market action.

However, former USA presidential candidate Hillary Clinton has expressed her disappointment that cryptocurrency exchanges did not do more to protect Russian users.

Recently, in an interview on the Rachel Maddow Show on MSNBC, she said: 

“I was disappointed to see that some of the so-called crypto exchanges, not all of them, but some of them, are refusing to end transactions with Russia.”

In the midst of these, Coinbase, Binance, and Kraken have decided not to prohibit all Russian users, stating that there are no legal reasons for doing so.

Stay updated

Subscribe to our newsletter and never miss an update on the latest tech, gaming, startup, how to guide, deals and more.

Latest

Stories

- Advertisement -
- Advertisement -

Latest

Grow Your Business

Place your brand in front of tech-savvy audience. Partner with us to build brand awareness, increase website traffic, generate qualified leads, and grow your business.

- Advertisement -

Related

- Advertisement -
- Advertisement -
Amazon Echo Pop: Stylish Semi-Sphere Smart Speaker in India Redmi Display A27: Affordable 27 Inches Monitor with 100Hz Refresh Apple Music Classical App Now Available on Android WhatsApp’s Companion Mode: Same Account, Multiple Devices Nvidia & MediaTek Collaborate on Connected Car Tech Sony Unveils Project Q: A Next-Gen Handheld Game Console Snapchat Hits 200M+ Users in India, Introduces AI Chatbot Super Mario Bros. Movie: 6.4 Million Tickets Sold in Japan Samsung Galaxy A14 Launches in India with Impressive Features BGMI Returns: Battlegrounds Mobile India Now on Play Store
Amazon Echo Pop: Stylish Semi-Sphere Smart Speaker in India Redmi Display A27: Affordable 27 Inches Monitor with 100Hz Refresh Apple Music Classical App Now Available on Android WhatsApp’s Companion Mode: Same Account, Multiple Devices Nvidia & MediaTek Collaborate on Connected Car Tech Sony Unveils Project Q: A Next-Gen Handheld Game Console Snapchat Hits 200M+ Users in India, Introduces AI Chatbot Super Mario Bros. Movie: 6.4 Million Tickets Sold in Japan