Cryptocurrency

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Cryptocurrencies Fumble Over the Weekend

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As the Russian invasion of Ukraine rages on, the global cryptocurrency market has been fighting to remain as level as possible. Bitcoin and other major tokens were down on Sunday as the global crypto market cap fell another 4.3% to around $1.8 trillion. Bitcoin lost more than 3% in the past day, Ethereum lost more than 5% and Dogecoin lost almost 3%. However, some cryptocurrencies were still performing better, filling gaps that have been left in the market. Uniswap was up almost 10% in the past day, Filecoin gained more than 6% and Arweave gained more than 5%. Moreover, risk assets were losing ground as S&P 500 futures were down more than 2% while Nasdaq futures were down nearly 3%. Marcus Sotiriou, an analyst with Globalblock, said, “Risk-on assets were bought aggressively as it was confirmed that Russia was indeed invading. The market dislikes uncertainty so as soon as we had some clarity of the long-lasting crisis, buyers stepped in.” At press time, Bitcoin was trading at around $38,000, down 3% in early activity.

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