Cryptocurrency Prices try to recover from the ongoing downfall

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Cryptocurrency Prices try to recover from the ongoing downfall
01 Mar 2022
6 min read

News Synopsis

Amid the conflict between Russia and Ukraine, Cryptocurrencies prices have been continuously falling. Yesterday, as the news surfaced that Russian President Vladimir Putin has ordered its military officials to keep its nuclear weapons on high alert and at their disposal, crypto markets further plunged significantly. However today, crypto prices are trying to recover from their fall. Today, Bitcoin is trading above $43,000 while it was below $39,000 yesterday. The price of Bitcoin has increased by 13%. The market capitalization of cryptocurrency all around the globe has also increased by more than 10% in one day. Other cryptocurrencies' prices were also up than yesterday, such as Ethereum are up by 10% and the prices of Dogecoin also rose by 7%. Shiba Inu, today registered a growth of 8%. The crypto market has been extremely volatile in the last few weeks and the prices have immensely fluctuated. Investors are retrieving their investments from the cryptomarkets as uncertainty and panic grasp the world markets due to the ongoing war. Another grave consequence of this conflict will be a steep rise in inflation rates all around the globe, as bilateral trade between the countries is going to be seriously disrupted.

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