Bitcoin Sinks 7% as Russia-Ukraine Tensions Rise

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Bitcoin Sinks 7% as Russia-Ukraine Tensions Rise – Ukraine also enacted a law legalizing cryptocurrency in the face of rising tensions with Russia.

The move comes after the Russian government approved cryptocurrency just a few days ago. On Friday, Ethereum, BNB, XRP, and Cardano all plummeted between 3% and 10%. Tether, a stablecoin, avoided broad losses and had the greatest volume among its peers in the last 24 hours, at almost $46 billion, showing that traders preferred safe-haven assets.

According to CNBC statistics, 10-year bond yields in the United States fell overnight, but the currency surged on safe-haven demand.

According to CoinGecko data, the world’s largest cryptocurrency has lost more than 7% in the last 24 hours, trading around $40,700. President Joe Biden of the United States has warned that a Russian invasion is quite likely in the coming days. Overnight, the global crypto market lost around 5.7 percent, or $1.1 billion, bringing its total worth to $1.95 trillion.

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Also Read: New York Stock Exchange Files Trademark for Offering Trading Services in the Metaverse

Despite recent losses, Coingape announced that the world’s largest cryptocurrency is still witnessing a steady increase in active users. The statistics could indicate that the currency is on the verge of a significant recovery from recent losses, signaling the end of the Bitcoin bear cycle.

The recent legalization in Russia and Ukraine may result in an inflow of new users, which might lead to long-term benefits for the currency.

According to the data, active user activity on the Bitcoin network is substantially more than in previous bear cycles. To begin with, this shows that current bear cycles are longer than previous ones.

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