Cryptocurrency

Crypto March 7: Market Faces Heat From Russian-Ukrainian Crisis; Slightly rising stablecoins

The cryptocurrency market had a bearish start to the week, with major coins including Bitcoin and Ethereum trading lower on Monday. On the other hand, stablecoins saw a slight rise in price amid the Russian-Ukrainian crisis.

Global market capitalization was down 3.61% to $1.7 trillion as of 3:29 a.m. ET, according to data from CoinMarketCap.

Bitcoin slid 3.84% to $37,845. Ethereum also plunged 4.92% to $2,515. Barring an uptick in Tether and USD Coin stablecoins, all major coins traded in the red. Even cryptos too dipped.

Charles Tan, Head of Marketing at Global Exchange Coinstore, said, “The possibility of greater war between nations has spooked global financial markets which are putting a lot of pressure on crypto assets.”

“Stablecoins are up slightly today, indicating that investors are moving towards more stable assets amid growing geopolitical tension,” Tan said. International business time.

Burger, the Burgerswap project token, and MIR are 2 of the top gainers with double-digit percentage gains against BTC losing around 0.5% for the day, according to daily analysis by Indian exchange WazirX.

“There are still plenty of opportunities to make good returns in certain pockets of this market,” the analysis says.

In other news, Andre Cronje, widely known as the “godfather of DeFi,” and his close partner Anton Nell said they were quitting crypto, shaking tokens in projects associated with them.

The crypto market is extremely volatile and experts advise investors not to make decisions based on the sudden price change.

The Post Crypto March 7: Market faces heat from Russian-Ukrainian crisis; Stable Coins Slightly Up appeared first on International Business Times.

Charles Tan, Head of Marketing at Global Exchange Coinstore, said, “The possibility of greater war between nations has spooked global financial markets which are putting a lot of pressure on crypto assets.”

Source: https://www.thebharatexpressnews.com/crypto-march-7-market-faces-heat-from-russian-ukrainian-crisis-slightly-rising-stablecoins/

Donovan Larsen

Donovan is a columnist and associate editor at the Dark News. He has written on everything from the politics to diversity issues in the workplace.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button