Wednesday, May 22, 2024

Market Watch Feb 24: Crypto market tumbles, Bitcoin trims all gains

The crypto market succumbed to geopolitical tensions between Russia and Ukraine slipping more than 4% in the past 24-hours. But gold has jumped up at the opportunity. The precious metal has been up 1.47% during the last four days – spiking to $1,925 per ounce.

The US equity futures and stocks have also taken a deep dive but oil and bonds, like gold, are soaring. Bitcoin is one of the losing assets. The popular crypto has been below the $35,000 mark. It has lost about 8.35% in the past 24-hours, as per CoinMarketCap, and is trading at $34,893. Analysts highlighted that BTC remains at risk of more downsides owing to the Russia-Ukraine war-like situation.

Ethereum is trading at $2,342 and is down by 12.06% in the past 24-hours. All major altcoins have recorded losses with Cardano down by as much as 15% in the past 24-hours. Solana is down by nearly 10%, XRP has lost 12%, and Avalanche is down by 13.15% in the past 24-hours. Polkadot is trading at $14.50 and has lost 12.27% in the past 24-hours. Meme coins – Shiba Inu and Dogecoin are showing lows. Shiba Inu is down by 13.57% and Dogecoin has lost as much as 15.34%.

Michael James, the Managing Director of Wedbush Securities, expressed concerns about the global economy. He highlighted that Russian President Vladimir Putin is digging his heels in despite the sanctions. James believes it’s adding to elevated nervousness about further aggressive actions. And it will have a drastic impact on commodities and inflation.

Vitalik Buterin, the co-founder of Ethereum, expressed dismay about Russia opting for military action in Ukraine. He described it as a crime against the Ukrainian and Russian people. Buterin reminded his followers in a tweet that Ethereum is neutral but he is not.

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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