Cryptocurrencies slipped further on Monday morning as investors seek safe havens amid growing concerns around Russia's invasion of Ukraine. The upt
Cryptocurrencies slipped further on Monday morning as investors seek safe havens amid growing concerns around Russia’s invasion of Ukraine.
The upturn in digital currencies in the latter half of February was attributed to Russians buying cryptos to evade sanctions from Western powers, but that was swiftly debunked last week.
“Like the broader equity markets, cryptocurrency markets have also been bleeding over the last few weeks as investors avoid risky assets like the plague,” said Naeem Aslam, Avatrade chief market analyst.
On Monday morning, Bitcoin was down 3.5% over the past 24 hours at US$38,060, back to where it was at the end of last month.
Aslam noted that the number-one crypto is currently trading below the “crucial” US$40,000 mark.
Its largest rival by market value, Ethereum, slightly outpaced Bitcoin in its decline, falling 4.5% to US$2,528.
Some other notable fallers included Terra, Cardano, and Solana which sunk 6.0%, 4.2%, and 6.0% respectively.
Outside of the top 10, Cronos, Cosmos, and Near Protocol gave up 5.0%, 6.3%, and 6.9% respectively.
Overall, 95 of the leading 100 cryptos were trading in negative territory.
Most notable to buck the trend was Waves which advanced 1.5%, while the other four risers made gains no bigger than 0.2%.
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