The global cryptocurrency market capitalization touched $1.93 trillion today, following a 2% 24hr surge. Conversely, total crypto trading volume declines by 4% to $105.35 billion.
The cryptocurrency market extended upswings on Wednesday. That comes as traders saw crypto opportunities amid geopolitical worries. The United States and Europe banned selected banks in Russia from SWIFT, a network supporting international financial transactions.
Top digital tokens traded higher today, excluding Cardano and Avalanche’s 2% declines. Binance Coin and Terra surged 4%, whereas Solana and Bitcoin gained 2%. Upswings from top digital coins had the global crypto market value touching $1.93 trillion, following a 2% 24hr increase. Meanwhile, total crypto trading volume noted a 4% drop to $105.35 billion.
Citizens in Ukraine and Russia see their lives tumbling. Russian Ruble witness freefalls amid fiscal sanctions. Also, Ukrainians encounter challenges in withdrawing their money. That is according to reports by WazirXTrade Desk.
For now, Ukrainians and Russians are using BTC as a fiat alternative because crypto needs private keys only to access money regardless of the investor’s location. Moreover, Ukraine accepts donations in crypto and requested a crypto ban against Russians as they can use cryptocurrency to circumvent imposed sanctions. Nevertheless, exchanges declined this request.
Bitcoin saw an uptrend amid war as individuals in Russia and Ukraine looked for an alternative to handle their monetary dealings. BTC trading dominated as Russian invaded Ukraine on Thursday. Daily volumes surged 259% to 1.3B ruble (US$13.1 million), according to data from CryptoCompare.
Also, the data showed Ukraine’s cryptocurrency trading volume gained rapidly. Furthermore, addresses holding over 1,000 BTC saw a sudden surge globally, showing high Bitcoin demand. Crypto funds witnessed net inflows over the past week. There were unembellished regional differences during market volatility as Russia attacked Ukraine.
Ethereum shows the ease of near-term selling momentum after a close beyond the 200MA. However, concerns about the Russia-Ukraine conflict and nuclear attack threats had ETH losing 7% on Sunday. However, the altcoin rebounded from the triangle’s support line. Ether traded around $2,990.25 at this writing, exhibiting a bullish outlook.
Stay tuned for more crypto news.