Prices of Bitcoin and major cryptocurrencies fell on Friday as investors’ appetite faded after Russia stepped up its attack in Ukraine.
Bitcoin was trading at just over $41,400, down by 4.72 per cent. The second largest cryptocurrency by market capitalization, Ethereum, was down by 6.18 per cent at $2,730.
Other cryptocurrencies, XRP was down by 3.65 per cent, Solana fell by 7 per cent, Avalanche was down by 5 per cent, Cardano was down by 5 per cent, Polkadot fell 4 per cent, Stellar fell 5 per cent.
Popular cryptocurrencies such as Dogecoin was down by 5 per cent, Polygon fell by 4 per cent and Shiba Inu was down 4 per cent.
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Meanwhile, China is all set to approve trials of the central bank digital currency – digital Yuan – in a number of cities and regions. Economic sanctions on Russia have put the spotlight on the potential role of digital assets and cryptocurrencies.
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“Bitcoin slipped below US$42,000 in the past 24 hours. The second-largest cryptocurrency, Ethereum, is trading at US$2,700. Most of the cryptocurrencies in the market are also down as Russia escalates its attack,” Edul Patel, CEO and Co-founder, Mudrex said.
“BTC’s support price holds between US$37,000 to US$40,000. To sustain the recovery phase, buyers must keep BTC above the US$37,000 breakout level. Since there are very few signs of exhaustion, it could keep the short-term buyers active in the crypto market,” Patel said.