Risk-off sentiment triggers slump in cryptocurrencies
Mumbai: Cryptocurrencies crashed as the threat of Russia invading Ukraine escalated amid border skirmishes, resulting in the crypto investor community offloading their risky digital assets to protect portfolios against further price drops. On Friday, US President Joe Biden said that Russian President Vladimir Putin had decided to invade Ukraine, and that a military strike could happen in days. On Saturday and Sunday, there were reports of shelling and multiple explosions in Donetsk, eastern Ukraine, further driving fear into the crypto markets.
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View Details »Bitcoin was trading on Coinbase at $38,265 at 5 p.m. India time, down 4% in the previous 24 hours and 9.6% lower over the previous seven days. Other alt coins also bled as investor sentiment worsened due to war clouds hanging over Europe--Ethereum was down 3.6%, Binance Coin fell 4.2%, Avalanche dropped 4.25%, Terra fell 3.31% and Cardano was down 3.85%. The metaverse tokens, Decentraland and The Sand Box, fell 5.7% and 5.3%, respectively. Meme coin Shiba Inu fell over 7%, and DogeCoin slid by 2.3%. According to Coinbase, the market dropped 4.18% over the previous 24 hours. The Ukraine-Russia crisis has halted the rally that the crypto market had been recording in the past few weeks. Bitcoin had made a smart recovery in the past few weeks, touching $45,855 on February 10 after a low of $32,327 on January 24. Ethereum went up to $3,284 on February 10 from a low of $2159 on January 24. The latest dip caps a week of rocky price action for the crypto market, with bulls and bears testing each
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