By Nathan Ferguson
Top digital coins bled on Friday. Solana and Ethereum dropped 7% each, while Cardano and Avalanche lost 6%. Meanwhile, Bitcoin, Dogecoin, and Shiba Inu slumped 5% each.
Leading cryptocurrencies saw plummets on Friday as Russia escalated its Ukraine strikes. Ukraine’s nuclear plant, the largest in Europe, caught fire following the Russian attack. The Biden Administration demanded $10B in defense and humanitarian aid. It also imposed stricter sanctions on Russia as Ukraine received million in crypto and other contributions.
The crypto market saw a bloodbath on Friday. Solana and Ethereum lost 7% each, while Cardano and Avalanche declined by 6%. Bitcoin, Dogecoin, and Shiba Inu lost 5% of their values. The downswings had the global crypto market cap losing 5% within the past 24 hours, standing around $1.83 trillion at this publication. Moreover, the total crypto trading volume plummeted by nearly 10% to $85.93 billion.
Expert View
Bitcoin and alternative coins show exhaustion signals after a massive rally. For now, riskier assets witness drastic downside actions. BitsAir Exchange Founder Kunal Jagdale stated that the intensified Russia attacks on Ukraine plus the nuclear fire ruined market sentiment.
He added that surging prices in energy products like natural gas and crude oil might wound the sentiments further. Jagdale said that Russia’s increased crypto interest and donations to Ukraine brought the asset class in the spotlight.
Global News
Digital tokens staking and mining firm Foundry Digital plans to join Blockchain Association, a cryptocurrency lobbying group.
Rarify ended a $10M Series A funding led by cryptocurrency company Pantera Capital at a $100M valuation. Rarify offers a structure for companies to add non-fungible tokens (NFT) to their networks.
The United States Internal Revenue terminated a complaint by two Tezos stakes, stating that the agency already refunded roughly $4K in taxes and interest to people.
Mudrex founder Edu Patel commented on the current crypto market, stating that the market cap shows top digital coins in a bloodbath as Russia intensifies its attack. For now, BTC and Ethereum lead the downside journey.
Buyers should keep Bitcoin beyond the breakout level of $37K for a sustained recovery phase. He added. Furthermore, few exhaustion signals might keep near-term buyers active.