Bitcoin Hovers and other cryptocurrencies prices stabilised on Saturday, owing to the possibility of Russia-Ukraine talks. According to CoinDesk, Bitcoin, which had fallen below $34,000 when the war began on Thursday, was flat on Saturday at almost $39,000 per coin, compared to a 5% gain in the XRP digital asset and a 10% surge in Terra’s LUNA token. Ethereum, the second most valuable cryptocurrency, was trading at $2,710 per coin, up 2.66 percent. According to the newspaper, “some investors expect the rebound in crypto prices to continue due to the spike in volatility.”
However, other traders predicted that the price rebound would be short-lived due to geopolitical uncertainty.
According to CoinDesk data, Bitcoin’s trading volume across major exchanges reached its greatest level since the December 5 price fall.
Consumer Volumes Remain Tepid
“Consumer volumes remain tepid despite large moves in the crypto space, suggesting reduced risk appetite and light overall positioning in markets,” David Duong, head of institutional research at Coinbase, wrote in an email to clients on Friday.Earlier, the global crypto market lost nearly 10 percent of its value as Russia invaded Ukraine on Thursday. Over $200 billion worth of its global market value was wiped out.The most-hit cryptocurrencies were Ethereum, Cardano, Avalanche and Polkadot, along with Dogecoin and Shiba Inu.
“Consumer quantity on the exchange remain tepid desperate high moves in the crypto space, suggesting less risk appetite and light every positioning in market,” David Duong, head of institutional research at Coinbase, wrote in an email to clients on Fridy.
Earlier, the universal crypto market lost nearly 11 per cent of its value as Russia invaded Ukraine on Thursday. Over $200 billion of its global market value was wiped out.
The most-famous cryptocurrencies are Ethereum, Cardano, Avalanche and Polkadot, along with Dogecoin and Shiba Inu.Get all your crypto related updates here.
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