Bitcoin has managed to stay above the crucial $40,000 mark over the weekend but has commenced the week being down by 0.68% in the past 24-hours. Investors remain bullish because of the ongoing inflationary pressure and geopolitical tensions between Russia and Ukraine.
Joe DiPasquale, the CEO of BitBull Capital, believes the crypto market will be down this week. A slide in prices was observed on Friday with analysts correlating it to Russian military exercises indicating an impending war DiPasquale pointed out that trading volume in the past week was about half its level a year ago. This led to high price volatility. He believes that price of major cryptos have risen and fallen sharply too, this week.
It should be noted that in recent months, the crypto market, mainly bitcoin has been reacting like mainstream stocks. Its choppy performance emulated major stock indexes which fell sharply on Friday.
Meanwhile, Ether is down by 1.80% in the past 24-hours and below the $3,000 mark. It is trading at $2,866, as per data from CoinMarketCap. Most altcoins are in the red, losing 1% to 5% in the past 24-hours. Solana is down by 2.03%, Avalanche by 5.16%, Polkadot by 4.22% and Terra by 1.12%. Meme coins Dogecoin and Shiba Inu are surprisingly in the green, 0.75% and 2.23% respectively.