Bitcoin’s price has slipped and the global cryptocurrency market has largely remained in the red. The ongoing war between Russia and Ukraine has started to impact Asian economies and this could ripple through the cryptocurrency industry, according to coindesk.
If commodity prices increase in India, it will dent investors’ leaning towards cryptocurrencies, the coindesk said.
BITCOIN, ETHER DOWN
Bitcoin remained roughly flat at $43,376, down by over 2 per cent.
The second most popular cryptocurrency by market capitalization, Ethereum, fell by over 3 per cent at $2,896.
Other popular cryptocurrencies, Terra was down by over 1 per cent, Solana fell by 5 per cent, Avalanche was down by 7 per cent, Cardano fell by 4 per cent, Polkadot was down by over 4 per cent.
Major alt coins like Stellar was down by over 2 per cent, Dogecoin fell by more than 1 per cent, Polygon was down by over 2 per cent, and Shiba Inu was down by over 3 per cent.
RUSSIA-UKRAINE WAR IMPACT ON INDIAN CRYPTO MARKET
Crypto market trackers fear that the Russia-Ukraine conflict may impact one of the world’s largest crypto markets – India. India is one of biggest importers of Ukrainian sunflower oil and if commodity prices rise in the country then it would hurt cryptocurrency investors’ sentiments, coindesk reported.
VOLATILITY MAY CONTINUE
“Bitcoin and Ethereum fell below US$44,000 and US$2,900 levels breaking the winning streak in the past 24 hours. BTC buyers could be active at a lower support price at US$40,000. A pullback is capable of neutralizing intraday charts,” Edul Patel, CEO and Co-founder, Mudrex said.
“Buyers need to move the stronger resistance, which holds at US$46,000, to bring back BTC into winning streak reversing the three-month-long downtrend. According to the market cap, most cryptos are running in red from the previous day. The volatility in the crypto market may persist for a few more days due to the ongoing war crisis between Russia and Ukraine,” Patel said.