Prices for Bitcoin and major cryptocurrencies fell on Friday as investor appetite faded after Russia stepped up its attack on Ukraine.
Bitcoin was trading at just over $41,400, down 4.72%. The second-largest cryptocurrency by market cap, Ethereum, fell 6.18% to $2,730.
Other cryptocurrencies, XRP fell 3.65%, Solana fell 7%, Avalanche fell 5%, Cardano fell 5%, Polkadot fell 4%, Stellar fell 5%.
Popular cryptocurrencies such as Dogecoin fell 5%, Polygon 4% and Shiba Inu 4%.
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Meanwhile, China is ready to approve trials of the central bank’s digital currency – the digital Yuan – in a number of cities and regions. Economic sanctions against Russia have shed light on the potential role of digital assets and cryptocurrencies.
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“Bitcoin has slipped below US$42,000 in the past 24 hours. The second-largest cryptocurrency, Ethereum, is trading at US$2,700. Most cryptocurrencies in the market are also down as Russia is stepping up its attack,” Edul Patel, CEO and co-founder, told Mudrex.
“The support price for BTC is between $37,000 and $40,000. To support the recovery phase, buyers need to hold BTC above the breakout level of $37,000. As there are very few signs of exhaustion, this could keep short-term bulls active in the crypto market,” Patel said.
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