Bitcoin was trading up more than 5% at $39,269.96 as the global cryptocurrency market traded in the red amid uncertainty due to the Russian-Ukrainian war.
Bitcoin, other cryptocurrencies.
Bitcoin’s price fell below $40,000 and the global cryptocurrency market was trading in the red amid continued uncertainty over inflation and international oil prices due to the Russian-Russian war. Ukrainian in progress.
However, the release of US President Joe Biden’s executive order on cryptocurrency has provided much-needed relief to investors.
BITCOIN, ETHER FALLS
Bitcoin was trading down more than 5% at $39,269.96. The world’s second largest cryptocurrency, Ethereum, fell more than 4% to $2,596.80.
OTHER CRYPTOCURRENCIES DOWN
Solana fell more than 5% to $82.49 and Avalanche fell 5% to $73.04.
Both Cardano and Polkadot were down more than 4% each.
Other popular cryptocurrencies such as Dogecoin and Shiba Inu were down more than 4% each.
THE CRYPTO MARKET IN VOLATILE MODE
“Bitcoin, Ethereum and other major cryptocurrencies by market capitalization soared after US President Joe Biden issued the highly anticipated crypto order yesterday. But these cryptos fell earlier today. Currently, BTC and ETH is trading at $40,000 and $2,600 levels,” said Edul Patel, CEO and co-founder of Mudrex.
“BTC appears to be overbought on the intraday charts. Since BTC entered its resistance zone, it may block the current uptrend. The lower support price ranges between $37,000 and $40,000, which may stabilize the pullback,” Edul Patel said.
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