Cryptocurrencies rose today after falling along with the global markets as Russia-Ukraine crisis worsened. Bitcoin price today surged 4% to $38,569.5. Meanwhile, The global cryptocurrency market capitalisation today surged to $1.8 trillion, up more than 2% in the last 24 hours, as per CoinGecko.
Bitcoin’s correlation to stocks continued to strengthen as the largest cryptocurrency rebounded along other risk assets as fast-moving developments related to Russia’s invasion of Ukraine whipsawed investors. US markets rebounded in US afternoon trading when President Joe Biden announced stiff sanctions on Russia over its invasion of Ukraine.
Similary, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, also gained over 2% to $2,627. However, Dogecoin price were trading over 3% lower at $0.12 whereas Shiba Inu also fell about 2% to $0.000024.
The performance of other coins were mixed as Solana, XRP, Terra, Avalanche, Stellar, Polygon, Polkadot prices were trading with cuts over the las 24 hours whereas Cardano, Litecoin gained.
Bitcoin’s swings during the past weeks of escalating geopolitical tensions have served to undermine the argument that cryptocurrencies offer a hedge in times of trouble. The traditional safe haven gold, meanwhile, surged to the highest level since early 2021 on Thursday.
Crypto prices have tumbled since reaching record highs in early November. The recent volatility has come amid a broader market selloff driven by investors recalibrating their portfolios to account for a more aggressive Fed, which is now expected to raise rates as many as seven times this year as it fights surging inflation.
(With inputs from agencies)
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