As tensions between Russia and Ukraine continue to increase, Bitcoin and major altcoin prices have fallen, and the global cryptocurrency market has remained flat.
Bitcoin Price Drops
Bitcoin has dropped below $40,000 and is currently trading in the red due to persistent inflationary fears. In addition, the momentum indications for the world’s most popular and largest cryptocurrency remained negative, indicating continued selling pressure.
Ethereum Price Remains Unchanged
Ethereum, the second most valuable cryptocurrency by market value, remained unchanged at $2,722.96.
Other Cryptos Too Witnesses Price Drop
All other significant cryptos witnessed their prices fall as well. XRP was down 0.9%, Avalanche was down 2.24 percent, Stellar was down 0.01 percent, and Polygon was down 0.09 percent.
Few Cryptos Whose Price Went Up
The price of Solana went by 7.78 percent; Terra went up by 3.90 percent, Cardano by 0.50 percent, Polkadot by 0.96 percent, and Dogecoin by 1.17 percent.
“Bitcoin and Ethereum sank below US$39,000 and US$3,000 over the past 24 hours. All major altcoins are also running in red over the weekend. BTC remains negative with an increase in the selling pressure for the past few weeks,” Edul Patel, CEO, and Co-founder, Mudrex, said.
“BTC’s lower support price ranges between US$30,000 to US$35,000. If the BTC goes below these support levels, it may go back to the trend in 2018. The situation is due to the ongoing tensions between Russia and Ukraine,” Patel said.