By Nathan Ferguson
The global crypto market saw another drop to $1.72, following a nearly 3% crash within the past day. On the other side, total crypto trading volume experienced a 16% increase to $62.45.
Cryptocurrency markets are still under pressure as market participants watch the escalating tension between Ukraine and Russia. Excluding dollar-tied stablecoins and LUNA, top digital currencies traded lower early on Monday. Avalanche lost 6%, followed by a 4% decline in Shiba Inu, Dogecoin, and XRP.
The downside outlook saw the global crypto market capitalization dropping to $1.72 trillion, following a 3$ 24hr drop. On the other part, the total crypto trading volume saw a 16% jump to $62.45 billion.
Bitcoin remained range-bound over the last two months as overall financial markets suffered from hawkish stance by Fed Reserve before the Russian-Ukraine invasion deteriorated the marketplace further. Altcoins mimicked BTC’s action.
Expert View
WazirX Trade Desk stated that the crypto market had eventful sessions in 2021, establishing itself as a growing industry in India. The expert believes lucrative regulations would be essential to mass adoption.
It added that the Parliament’s Budget session would start on 14 March. Moreover, WazirX Trade Desk stated that members had questions about the crypto subject. The crypto community remains alert to the government’s responses and clarifications. The remark would be vital in defining the future of crypto in India.
Global News
The European Union parliamentarians will vote on a proposed rule that might lead to BTC banning. For now, the outcome remains much undecided.
On Friday, Ukrainian PM Mykhailo Fedorov urged stablecoin issuer Tether and CTO Paolo Ardoino to suspend all undertakings with Russians.
Unites States lawmakers are praising the executive order on crypto by President Joe Biden. The President unveiled the directive on Wednesday.
Bitcoin price remains beneath the $39K mark, following a 1% overnight drop to $38,605. The leading crypto is down roughly 18% this year (YTD). Moreover, Bitcoin is nearly 30% away from its ATH of abound $69K, established in 2021 November. Positive news from the Ukraine-Russia war can help the market kick-start steady upswings.