TL;DR Breakdown The global crypto market continues to dwindle; the losses for the last 24 hours amount to 0.81%. Bitcoin shows fluctuations, as usual; it has lost 0.62% in the last 24 hours. Ethereum is in no different situation, faces a loss of 0.48%. Avalanche loses 1.72%, while Tron is bullish as it adds 2.87%. … Read more
- The global crypto market continues to dwindle; the losses for the last 24 hours amount to 0.81%.
- Bitcoin shows fluctuations, as usual; it has lost 0.62% in the last 24 hours.
- Ethereum is in no different situation, faces a loss of 0.48%.
- Avalanche loses 1.72%, while Tron is bullish as it adds 2.87%.
The current situation for the global crypto market is uncertain because of the continuous fluctuations. As there is no clear indication of where the current geopolitical situation will end, the impacts on crypto, stock, oil, and other markets are evident. As Russia has escalated attacks on Ukraine while the other side, th resistance to the offensive has also increased on the other side. Thus, Europe and US are feeling in trouble because of the looming problems that might come in tandem. As there are rumors that Russia might be activating its deterrence units, there are growing fears of nuclear offensive.
The result is in decreased crypto investments because the problem might be no more limited to Ukraine. Rather, it might have widespread impacts on other regions as well. The current situation has led to donations for Ukrainians in crypto like Bitcoin, while NFTs flow has also continued. The value of crypto sent to Ukraine is about $16.7M, of which the significant amount is that of bitcoin. While $2M NFTs have been sent in the recent days to strengthen the Ukrainian resistance.
The mentioned situation has led to a crypto war. The two sides are being supported by people from different parts of the world. Compared to Ukraine, the support for Russia is relatively lower. Still, it is not negligible. The impacts of this situation will be apparent in the long-term prices of crypto. Here is a brief overview of the market situation using significant coins like Bitcoin, Ethereum, and other currencies.
BTC bleeds as the situation worsens
Bitcoin has played a much more significant role in world politics than experts had expected it to do. The impact has been two-sided as it has also had transformed the political scenario. If we consider its role from the Chinese ban to the Russian invasion, Bitcoin has directly borne the consequences.
The recent data is evidence of it as Bitcoin has begun to lose value. The data for the last two days shows that it began to gather value as it grew closer to $40K. Later it turned bearish and began to lose. Bitcoin has lost about 0.62% in the last 24 hours as per the latest updates.
The situation for the last seven days was relatively better as it gained 1.96%. The current price for it is in the $38,896.30 range. If we take a peek at its current market cap, it is estimated to be $739,743,924,538. In comparison, the value of trading volume for the last 24 hours is about $19,791,085254. Bitcoin can show improvements if the ongoing geopolitical scene improves.
ETH turns bearish
Bitcoin was the first to turn bearish, and now Ethereum has joined the same bandwagon. It has shed 0.48% in the last 24 hours. In comparison, the gains for the last seven days are about 5.36%. The improvement in the value of bitcoin and Ethereum for the short interval resulted from the news that the crisis might be stalled due to negotiations.
The current price for Ethereum is in the $2,772.79 range. The market cap for Ethereum, as per the latest updates, is about $332,052,191,707. The 24-hour trading volume of this coin is about $13,068,911,837. The mentioned amount in the native currency of this blockchain system is 4,713,277 ETH.
The circulating supply for this coin is about 119,753,966 ETH.
AVAX changes direction
Avalanche has continued to bearish during the last 24 hours. It has shed 1.72% as per the latest updates, while in comparison, the gains for the last seven days are about 1.80%. The current price for this coin has been reduced to a change in value and is in the $79.53 range. The current ranking of Avalanche is 10th in the global list.
The current market cap for it shows an estimated value of $19,562,306,541. In comparison, the trading volume for the last 24 hours is about $1,505,230,551. The circulating supply of this coin during the last 24 hours remained 245,986,063 AVAX.
TRON continues to stay strong
Tron has continued in a safe mode during the hard times. It has continuously reduced gains but still shows bullishness. The data for the last 24 hours shows that it has gained 0.35%. In comparison, the seven-day data shows that it has shed 2.85%.
The current price for Tron is about $0.06009, while in comparison, the position in ranking has also lowered, which is 24th. The current market cap of this coin is about $6,113,979,342. The 24-hour trading volume of Tron is estimated to be $1,021,017,796.
The market is charting difficult waters these days to the crisis in the form of war in Ukraine. On the other hand, there is a turbulent situation in the rest of Europe because of the expanding clouds of war. Thus, the depressing situation has affected the investor who feels insecure in the current situation. They need a guarantee that their capital won’t be lost which is currently nowhere. If the chances of negotiations improve, there are chances that the crypto market in general and Bitcoin, Ethereum in specific, will improve.