Thursday, July 25, 2024

Market Watch Feb 18: Bitcoin, altcoins and stocks dip amid high inflation

As another week draws to an end, bitcoin has dived nearly 7% in the past 24-hours taking the crypto market to red. Analysts have blamed the ongoing crisis between Russia and Ukraine with US President Joe Biden saying the threat of a Ukraine invasion by Russia was very much high. As such, Moscow expelled the United States Deputy Chief of Diplomatic Mission Bart Gorman from Russia.

Ethereum lost its hold on the $3,000 mark and slipped down to $2,902. In the past 24-hours, as per CoinMarketCap, the world’s second most popular cryptocurrency lost 5.66%. Fellow altcoins XRP is down by 4.25%, Solana has lost nearly 5%, Avalanche is down by 6.20%, Terra LUNA is down by 8.46%.

However, the stable coins are in green. Binance USD has gained by 0.10% in the past 24-hours. USD Coin and USD Tether have gained, and so has TerraUSD.

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You can see in the CoinMarketCap chart above that the market is in the red. And the stable coin USD Coin is green as it has gained 0.04%. Analysts highlight that after a resurgence in sell-side pressure dropped the price of BTC to a daily low at $40,746. Bulls have been trying to regroup and try to avoid further slide to $38,000.

There are a number of factors pulling down the crypto market. David Lifchitz, a managing partner and chief investment officer at ExoAlpha, said the Russia-Ukraine tensions are weighing on risk assets. This is dominating the headlines across the world and causing weakness across global markets. Lifchitz also described it as a distraction from the real rates and inflation issue. He underlined that the conflict may last a few months. But the inflation issue can go on for years.

You can see in the CoinMarketCap chart above that the market is in the red. And the stable coin USD Coin is green as it has gained 0.04%. Analysts highlight that the after resurgence in sell-side pressure dropped the price of BTC to a daily low at $40,746. Bulls have been trying to regroup and trying to avoid further slide to $38,000.

There are a number of factors pulling down the crypto market. David Lifchitz, a managing partner and chief investment officer at ExoAlpha, said the Russia-Ukraine tensions is weighing on risk assets. This is dominating the headlines across the world and causing weakness across global markets. Lifchitz also described it as a distraction from the real rates and inflation issue. He underlined that the conflict may last a few months. But the inflation issue can go on for years.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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