The cryptocurrency market has been volatile this month, especially in the past week when Russia began to invade Ukraine, drawing harsh criticism from most countries. Bitcoin opened 1.67% lower on Indian exchange CoinSwitch Kuber to trade at $40,458 (about Rs 3.05 lakh). On Monday, February 28, Bitcoin’s value hovered near the $40,000 (roughly Rs. 3 million) mark, which was first touched in 2022 earlier this month.
BTC also saw small losses on international exchanges. For example, on CoinMarketCap and Binance, bitcoin prices fell about 1.25% to open at about $37,770 (~2.85 million).
Ethereum’s market trajectory replicates that of Bitcoin. According to data from the Gadgets 360 crypto price tracker, ETH fell 3.9 percent to trade at $2,753 (roughly Rs 2 lakh).
On international exchanges such as Coinbase, ether’s losses were smaller, around 2.5%. The second-largest cryptocurrency is trading at $2,614 (~$198,000), slightly different from its rate in India.
Binance Coin, Ripple, Polkadot, Terra and Avalanche were other altcoins that opened the last day of February in the red.
Dogecoin and Shiba Inu also failed to generate profits.
However, some altcoins have managed to generate gains, but only marginally.
Stablecoins like Tether, Binance USD, and USD Coin, along with Uniswap, Cardano, and Solana, have helped keep the green on crypto price charts.
Stablecoins are those cryptoassets that are backed by the value of an underlying “stable” reserve asset such as gold or the U.S. dollar.
Ukraine has been attacked by Russia for four days.
Safe-haven assets such as gold and fiat currencies are attracting more and more investors as intense geopolitical tensions continue to roil risk stock and cryptocurrency markets.
To raise emergency funds, Ukraine started accepting cryptocurrency donations from around the world. Over the weekend, the official Ukrainian Twitter account released crypto wallet addresses for BTC and ETH donations.
According to blockchain analytics firm Elliptic, Ukraine has raised $8 million (approximately Rs 600 crore) from cryptocurrency donations.
In these trying times, cryptocurrencies, which are inherently unregulated and decentralized, can be a game-changer for the economy. Finally, digital assets enable instant cross-border remittances with no amount limit.
The Ukrainian government has called for a major crypto crackdown on Russia as its residents seek safety and food in the blast.
Deputy Prime Minister of Ukraine Mykhailo Fedorov has called on all major cryptocurrency exchanges to temporarily ban Russian users.
Complete news Source : Gadgets360
