TL;DR Breakdown
The global crypto market sees no difference in the situation, loses 4.02% in 24 hours.
Bitcoin continues no different; the losses for the last 24 hours amount to 3.74%.
Ethereum loses 6.60%, graver than its previous setbacks.
FTX and Decenterland Mana follow the same bearish pattern, losing 4.77% and 5.66% in 24 hours, respectively.
The crypto market sees no difference as it lingers in the same limbo. The uncertainty hasn’t come to an end because of the hard times the West is facing due to geopolitical developments. Tensions continue to grow, which has led to a decrease in investments. There is a continuing bearishness if we look at the futures trading, stocks, oil, crypto, and other markets.
In this situation, the crypto market hasn’t remained apolitical. The results are in sanctions and calls for bans in different parts of the world. An example is the Ukrainian government’s call to ban Russian crypto wallets. The previous day’s statement announced a bounty for those who would hack Russian politicians’ wallets. On the other side, the UK government is also trying to strengthen its position by curbing powers related to the seizure of crypto assets.
The Crypto market’s role in this situation is not negligible because of its recent contributions. Binance, a popular trading site, has donated $10M to Ukrainian refugees. The growth of the crypto market won’t be much far if Russia-Ukraine talks succeed. Investors are waiting for the results to be sure about their investments.
Here is a brief overview of the market situation using leading market coins like Bitcoin, Ethereum, and some other currencies.
BTC is continuously in reverse gear
Bitcoin has remained central in the ongoing crisis. It has found both proponents and opponents because of the ongoing situation. Though the recessive trend worst hits it in the market, it has continued to struggle. Bitcoin performance for the last 24 hours shows a bearishness of 3.74%. If we look at the data over the previous seven days, it offers a gain of 2.07%.
Source: TradingView
Bitcoin has performed well after crises came to an end, as an evident example is that of the Chinese ban. If the current situation gets better, there are chances that it will regain the lost value. The current bitcoin price is in the $38,224.33 range. The threshold level for bitcoin has also decreased after the continuous decrease in value.
The current market cap for bitcoin is estimated to be $725,133,056,590. In comparison, the trading volume for the last 24 hours is about $26,356,625,806. The graph shows that bitcoin has fluctuated continuously due to the changes in the value of investments.
ETH increases the pace of recession
Ethereum is currently facing hard days, but experts predict that it will reach the new high of $10,000 soon. It has been playing a significant role in war donations along with Bitcoin. Donations from different parts of the world are coming to Ukraine in the form of crypto, helping the Ukrainian government fight the war.
Source: TradingView
The data for the last 24 hours shows that Ethereum has shed 6.60% while its gains for last week are 1.14%. The current price for Ethereum is in the $2,632.03 range. If we take a peek at its market cap, it is estimated to be $315,228,095676.
The trading volume of this coin is about $17,382,189,856 for the last 24 hours.
FTT in a difficult situation
FTX Token has gone through a productive phase during the past seven days. The result was in the form of 4.00% gains. Comparing the weekly data to the 24-hour data shows a sharp decline as it has turned to -4.77%. The decrease has also affected the price of this currency. It is about $41.96 and might lower further if the bearishness continues.
Source: TradingView
The market cap of FTX Token is about $5,783,101,688. The 24-hour trading volume of this coin is estimated to be $117,972,107. The weekly performance shows an encouraging trend.
MANA continues recessive
The current ranking of Decenterland Mana is 30th in the global list, while the price is in the $2.58 range. The 24-hour performance shows that this coin is in a bearish mood. It has shed 5.66%. The performance hasn’t been good during the past seven days either, as it has lost 4.33%.
Source: TradingView
The current market cap of it is estimated to be $4,725,811,485. In comparison, its trading volume is estimated to be $819,617,292. The circulating supply of this coin is 1,832,118,298 MANA.
Final Thoughts
The market is facing hard times because of the turbulent situation, which shows no signs of improvement. The result is evident in a lowered market cap which has come down to $1.73T. If the market continues to bullish, it might recoil, which has not happened recently. The market is in need of push from investors whose capital will revitalize it. Though it might not seem closer, there is a chance that it might happen soon.
