As bitcoin continues to hold strongly onto the $40,000 mark, Russia and Ukraine tensions are weighing down heavily on the equities and cryptocurrencies. The crypto market is very much dependent on the popular crypto to decide which path to take.
All eyes are on bitcoin. According to CoinMarketCap, BTC has been up by 3.78% in the past 24-hours and is trading at $43,528. If the world’s most popular crypto manages to cross the $44,500 resistant level, there is no stopping it from touching $46,000.
Peter Schiff, an analyst, believes the digital asset is set to drop to $0. He asked his followers to imagine what bitcoin would look like if it slips below $30,000. Schiff predicted that the real floor is zero. He said a drop to $10,000 would be like a lock, but then there is no reason to believe it would hold up as a permanent floor.
Ethereum is trending upward. It is up by 5.35% in the past 24-hours and is trading comfortably at $3,016. ETH is volatile because it follows very closely on BTC’s heels. Glassnode in a blog post stated that the market seems to be de-risking and curtailing leverage in reaction to the plethora of macro uncertainties.
Meanwhile, the altcoins in the past 24-hours are seeing green. Polygon MATIC is up by 4.87% and is trading at $1.71, Avalanche is at an all-time high up by 8.18% and trading at $84.08. Terra LUNA is up by 3.55%, Cosmos ATOM is also up by 8.33%.
However, if the Russia and Ukraine tensions continue to intensify, there would be a significant impact on the markets, including cryptocurrency. Geopolitical situations do play a role in determining market stability.