Cryptocurrency Price Today: There was a decline in the cryptocurrency market. Bitcoin price in the market today was trading below the $39,000 level as the Ukraine crisis started deepening.
Western countries have imposed new sanctions on Russia. The world’s most popular and largest cryptocurrency was seen trading with a slight decline at $38,215.
The global cryptocurrency market capitalization today fell by more than 2% in the past 24 hours to $1.81 trillion, according to CoinGecko.
Ether, the coin tied to the Ethereum blockchain and the second largest cryptocurrency by market capitalization, also fell more than a percentage point to $2,675.
Dogecoin, on the other hand, was trading down about 1.2% at $0.12 while the Shiba Inu also declined marginally to $0.0000024.
Solana, XRP, Terra, Avalanche, Stellar, Polygon, Litecoin saw a mixed reaction in the last 24 hours. Cardano, Polkadot, Terra showed slight improvement.
Bitcoin’s volatility during the escalating political tensions over the past few weeks has served to undermine the argument that the cryptocurrency can be a hedge in times of trouble and a good investment option.
The digital token is down about 19% so far in 2022 (Year-to-date or YTD), while it is still more than 29% away from its all-time high of $69,000 in November 2021.
Crypto prices have been falling since hitting record highs in early November. The recent volatility has come on the back of a massive sell-off.
