As the Russian threat to invade Ukraine still remains, the global cryptocurrency market seems to be trading in the red. This has resulted in Bitcoin's price slumping below $41,000, while Ethereum and other major altcoins are seen plummeting as investors also remain concerned about inflation.
The world's most popular cryptocurrency, Bitcoin, was down by 7.02 per cent at $40,589.40, while the second largest cryptocurrency by market capitalization, Ethereum, was down by 5.99 per cent at $2,884.75.
XRP was down by 4.82 per cent, Solana was down by 5.54 per cent, Terra was down by 8.67 per cent, Avalanche was down by 6.99 per cent, Cardano was down by 4.20 per cent, and Stellar was down by 7.55 per cent.
Other popular cryptocoins Polkadot was down by 5.28 percent Dodgecoin was down by 4.76 percent, Shiba Inu was down by 5.55 per cent, and Polygon was down by 7.38 per cent.
"The global crypto market cap fell by nearly 7 per cent, while the trading volume rose by 25 per cent in the past 24 hours. Bitcoin and Ethereum dipped 7 per cent, each trading at US$40,000 and US$2,900. BTC’s support price holds between US$38,000 to US$40,000, which could stabilize the current pullback," said Edul Patel, CEO and Co-founder, Mudrex.
"According to the market cap, the top cryptos ran in red over the previous day. This drop in the crypto market is due to the ongoing tensions between Russia and Ukraine. Investors seem to be concerned about the inflation levels too," Edul Patel said.
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