The price of Bitcoin has dropped and the global cryptocurrency market has largely remained in the red. The ongoing war between Russia and Ukraine has started to affect Asian economies and this could affect the cryptocurrency industry, according to coindesk.
If commodity prices rise in Indiait will dent investor sentiment towards cryptocurrencies, Coindesk said.
BITCOIN, ETHER DOWN
Bitcoin was virtually flat at $43,376a reduction of more than 2 percent.
The second most popular cryptocurrency by market cap, Ethereum, fell more than 3 percent to $2,896.
Other popular cryptocurrencies, Terra is down more than 1 percent, Solana is down 5 percent, Avalanche is down 7 percent, Cardano is down 4 percent, Polkadot is down more than 4 percent.
Major altcoins like Stellar are down more than 2 percent, Dogecoin is down more than 1 percent, Polygon is down more than 2 percent, and Shiba Inu is down more than 3 percent.
IMPACT OF THE RUSSIAN-UKRAINIAN WAR ON THE INDIAN CRYPTOCURRENCY MARKET
Crypto market trackers fear that the conflict between Russia and Ukraine could affect one of the largest crypto markets in the world: India. India is one of the largest importers of Ukrainian sunflower oil and if commodity prices rise in the country, it would damage investor confidence in cryptocurrencies, Coindesk reported.
VOLATILITY MAY CONTINUE
โBitcoin and Ethereum dipped below the $44,000 and $2,900 levels breaking the winning streak in the last 24 hours. BTC buyers could be active at lower price support at $40,000. A pullback is capable to neutralize intraday charts," Edul Patel, CEO and co-founder, told Mudrex.
โBuyers need to move the strongest resistance holding at $46,000 for BTC to get back on a winning streak and reverse the three-month downtrend. Based on market cap, most cryptocurrencies are in the 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.
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