Bitcoin Falls to $38,000 on Fresh Selloffs
A fresh bloodbath returned to the cryptocurrencies markets due to profit-taking by some retail investors following Russia’s invasion of Ukraine. Bitcoin, the largest and oldest in the blockchain class fell to $38,000 and others skid.
Due to selling down in cryptoassets holdings, market capitalisation has dropped to $1.74 trillion in the last 24 hours in a seesaw trading pattern that started in February 2022.
Almost all of the top 20 cryptocurrencies retreated before the press time as Coinbase announced yesterday it blocked 250,000 Russians from the platform. Bitcoin (BTC-USD), the largest cryptocurrency by market value, was recently trading at $37,377, down 3.5%, according to CoinDesk data.
Trading volume was at $25.26 billion, up 41%, according to data from CoinMarketCap. Market data shows that the most popular cryptocurrency has lost more than 18% this year.
Ethereum (ETH-USD), the second-largest cryptocurrency, fell 5.4% in the past 24 hours to $2,466, also extending its year-to-date slump to nearly 32%. READ: El Salvador Buys the Dip as Bitcoin Falls Rapidly
XRP (XRP-USD) and Terra (LUNA-USD), the fourth- and fifth-largest cryptocurrencies, dropped 2.4% and 3.6% respectively.
Fourteen additional cryptocurrencies logged losses between low and high single digits, with Chainlink (LINK-USD), the no. 15th cryptocurrency, seeing the biggest move, sliding more than 8%.
Uncertainties in the global financial markets have triggered selloffs even in stocks and other exchange-traded assets. There is anxiety in the air, and the market is reacting negatively amidst a flurry of sanctions on the Russia’-Ukraine war.
Some analysts have also predicted that Bitcoin, the major market-dominant asset would fall further as selling rallies is expected to persist. # Bitcoin Falls to $38,000 on Fresh Selloffs
