Bitcoin, Ethereum, Dogecoin Slip As Russia Takes To Siege Warfare In Ukraine — Why This Range Is Crucial For The Apex Coin

Bitcoin and other major coins were trading lower on Sunday evening as the global cryptocurrency market cap fell 4.3% to $1.8 trillion at press time.

See Also: How To Buy Bitcoin (BTC)

Why It Matters: Bitcoin and Ethereum touched intraday lows of $37,421.50 and $2,59664, respectively, on Sunday as the war in Ukraine intensified.

Russia could be turning to siege warfare after suffering setbacks on the battlefield, while President Vladimir Putin put the country’s nuclear forces on heightened alert — according to a U.S. senior defense official, reported Reuters.

Talks between Russia and Ukraine are to be held as early as Monday morning on the Belarusian-Ukrainian border, Russia’s Tass news agency reported citing an unidentified source, according to a separate Reuters report. 

Risk assets traded lower at press time with S&P 500 futures down 2.2% at 4,285.25 and Nasdaq Futures lower by 2.45% at 13,832.50.

Russia’s invasion of Ukraine last week was a “sell the [rumor], buy the news" event, according to Marcus Sotiriou, an analyst with United Kingdom-based digital asset trader Globalblock.

“Risk-on assets were bought aggressively as it was confirmed that Russia [was] indeed invading. The market dislikes uncertainty so as soon as we had some clarity of the long-lasting crisis, buyers stepped in,” wrote Sotiriou, in a note seen by Benzinga. 

Amsterdam-based cryptocurrency trader Michaël van de Poppe said that consolidation is underway in the Bitcoin market after a bullish move last week. He pointed to the level between $38,100 and $38,200 and said it must hold and then the apex coin could move to $44,000.

Meanwhile, the total value of ETH in the ETH 2.0 deposit contract touched an all-time high of 9,633,250 ETH. 

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