The global cryptocurrency market has recorded a decline as challenges from multiple fronts weigh down on prices. Gains made this week have been lost to lows witnessed near the end of the week.
At the time of writing this article, Bitcoin was trading at $41,446, as per CoinMarketCap. The popular crypto has lost more than 4% in the last 24-hours. Edward Moya, OANDA Americas Senior Market Analyst, says bitcoin’s rally is showing signs of exhaustion. He highlighted that the world’s most popular crypto is in need of a risk appetite to be healthy for prices to make a run for the $50,000 mark. Moya said it shouldn’t come as a surprise when BTC prices consolidate around $40,000 mark.
Ethereum is seeing lows and is down by 5.87% in the last 24-hours. It is trading at $2,726. However, these two popular cryptocurrencies have made significant gains in the last seven days, BTC by 6.67% and Ether by 3.60% respectively.
Most other cryptos are in the red. According to data by CoinMarketCap, Solana has lost more than 7% in the last 24-hours. And XRP, which is trading at $0.73 has lost around 6%.
Market analysts attributed the crypto price decline to Russian forces capturing Kherson, a port city in the southern part of Ukraine which is also a ship-building hub. Reports highlight rocket fire and cluster bombs destroying Ukraine’s largest cities with millions of people fleeing to neighboring nations.