Bitcoin, Ethereum, Dogecoin Slip As Russia-Ukraine Conflict Gets Entrenched — Why Investors Need To Brace Themselves For A Rollercoaster Week

Bitcoin traded in the negative territory through the weekend. At press time, on Sunday evening, the global cryptocurrency market cap decreased 4% to $1.8 trillion.

Price Performance Of Major Coins
Coin 24-hour 7-day Price
Bitcoin BTC/USD -3% 1.7% $38,415.35
Ethereum ETH/USD -4.7% -3.1% $2,547.07
Dogecoin DOGE/USD -4.2% -2.5% $0.12
Top 24-Hour Gainers (Data via CoinGecko)
Cryptocurrency 24-Hour % Change (+/-) Price
Waves (WAVES) +4% $18.12
Dai (DAI) +0.2% $1
Binance USD (BUSD) +0.2% ​​$1

See Also: How To Buy Bitcoin (BTC)

Why It Matters: Major coins remained depressed as signs of descalation of hostilities between Russia and Ukraine ebbed on Friday. 

Over the weekend, Russia’s President Vladimir Putin told his Turkish counterpart Tayyip Erdogan that the end to Moscow’s operations in Ukraine “is only possible if Kyiv stops military operations and carries out well-known Russian demands,” according to a Reuters report

The general staff of Ukraine’s army said on Sunday that Russians were gathering resources for storming of Kyiv, the capital of the country, according to Reuters. 

Cryptocurrencies traded lower with other risk assets while commodities like oil and gold surged at press time. 

S&P 500 and Nasdaq futures were down 1.5% and 1.9% at 4,263.75 and 13,578.25 respectively at press time.

April 22 Gold COMEX futures traded 1.4% higher at $1,994.60. Oil shot up significantly — April 22 WTI Crude futures rose 7.6% to $124.43, while ICE Brent Crude May 22 futures spiked 8.5% to $128.11.

Cryptocurrency trader Michaël van de Poppe warned of the coming volatility and urged his followers to “stay calm.”

"This week is going to be volatile," he said. "Stay calm. The best option in these markets."

Cofounders of on-chain analysis firm Glassnode, Jan&Yann, tweeted that Bitcoin is at a critical level and if its price fails to break above $40,000, it could hit support levels at $34,000 to $36,000 range.

Meanwhile, a poll carried out by financial market data and content platform Santiment saw just 33.6% of 1,958 respondents vote in favor of buying the dip in cryptocurrencies. 

Santiment’s results were mirrored in Alternative.me’s “Crypto Fear & Greed Index” which flashed “Extreme Fear” at press time. 

Read Next: Ukrainian-Origin Crypto Continues To Make 'Waves' Even As Bitcoin, Ethereum, Dogecoin Crash — What's Going On?

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Posted In: CryptocurrencyNewsMarketsMoversTrading IdeasBitcoindogecoinEthereumRussia-Ukraine Crisis
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