Crypto Week At A Glance: Digital assets dance to the tune of global events
economictimes.indiatimes.comcryptocurrencies went down by a large margin. It is important to note that the markets overall in most financial sectors have gone down, but cryptocurrencies being more volatile than most, went down farther than traditional stocks.Crypto PlungeBitcoin dropped as much as 8 per cent in price on Thursday morning, and traditional markets were also not spared the disarray.
Presented ByDid you Know?
A statue honouring mysterious Bitcoin founder Satoshi Nakamoto was unveiled in a business park near the Danube River in the Hungarian capital Budapest
View Details »This might be seen as a good sign, since the predictions of many analysts were that cryptocurrency could see a price hike due to global disruption since it is seen as an alternative to government-backed currency and assets. But instead, Bitcoin and other digital assets have sagged as there is open conflict between Russia and Ukraine. The latest downturn translates into the value of the cryptocurrency market dropping to $1.75 trillion, the data from CoinmarketCap suggests.Altcoins Bleed Many of the other crypto assets saw even more losses than Bitcoin, averaging around 18-20 per cent. Ethereum, the second most traded cryptocurrency, was down almost 11 per cent on Thursday morning, and many other large coins also dropped more than 10 per cent. Due to those rapid drops, crypto trading volumes shot up significantly. Trading activity was up by 45 per cent on Thursday, CoinMarketCap reported.Global Financial Markets The weak performance was also seen across other financial markets, including shares and commodity prices. Conventional benchmarks in Europe and Asia were down by as much as 4 percent as traders tried to figure out how big Putin's incursion would be and how big would
Read more on economictimes.indiatimes.com
