As tensions between Russia and Ukraine continue to rise, Bitcoin and major altcoin prices have plummeted, while the global cryptocurrency market has stayed flat. Bitcoin has dropped below $40,000 and is currently trading in the negative due to persistent inflationary worries. The momentum indications for the world’s most popular and largest cryptocurrency remained negative, indicating further selling pressure.
The threat of stricter monetary policy in the United States has prompted a retreat in speculative investments, which has been symbolised by virtual coins. With the Nasdaq 100 sliding into a correction on Thursday, Bitcoin has recently mirrored fluctuations in technology companies, which have been under pressure.
Binance Coin, Cardano, and Solana were among the other cryptocurrencies that fell in value.
A technical pattern based on the weekly relative strength index, a momentum indicator, suggested that Bitcoin’s downturn could be poised for a break. The indicator dropped into a territory on Friday that had previously followed floors in Bitcoin selloffs. Ethereum, the second most valuable cryptocurrency by market value, stayed unchanged at $2,722.96.
All other significant cryptos saw their prices fall as well. XRP was down 0.9%, Avalanche was down 2.24 percent, Stellar was down 0.01 percent, and Polygon was down 0.09 percent. Solana gained 7.78 percent, Terra gained 3.90 percent, Cardano gained 0.50 percent, Polkadot gained 0.96 percent, and Dogecoin gained 1.17 percent.
Bitcoin’s price has surged in recent years, owing in part to contentious narratives about institutional adoption and its potential use as a portfolio hedge. Some of those assertions have been debunked by its gyrations during a difficult period for world markets.
Bitcoin has increased by more than fourfold in the last two years, but it has lost around $30,000 since reaching a record high of about $69,000 in November.