Bitcoin’s price has fallen, and the Russia-Ukraine conflict may have an impact on crypto investment in India
Bitcoin’s price has fallen, and the entire cryptocurrency market has stayed generally negative. According to coindesk, the continuous conflict between Russia and Ukraine has begun to affect Asian economies, which may have repercussions for the cryptocurrency business.
If commodities prices rise in India, investors’ appetite for cryptocurrencies would wane, according to coindesk.
BITCOIN, ETHER DOWN
Bitcoin stayed fairly flat at $43,376, down more than 2%.
Ethereum, the second most popular cryptocurrency by market capitalization, dropped by more than 3% to $2,896.
Other prominent cryptocurrencies include Terra which was down by more than 1%, Solana was down by 5%, Avalanche was down by 7%, Cardano was down by 4%, and Polkadot was down by more than 4%.
Bitcoin and Ethereum dipped below $44,000 and $2,900, respectively, snapping a 24-hour gaining streak. Buyers of Bitcoin might be active at a lower support price of US$40,000. According to Edul Patel, CEO and Co-Founder of Mudrex, a retreat is capable of neutralising intraday charts.
THE IMPACT OF THE RUSSIA-UKRAINE WAR ON THE INDIAN CRYPTO MARKET
Crypto market analysts are concerned that the Russia-Ukraine conflict will have an impact on one of the world’s largest crypto markets, India. According to coindesk, India is one of the largest importers of Ukrainian sunflower oil, and if commodity prices rise in the nation, cryptocurrency investors’ feelings would suffer.