Crypto markets erase $100B overnight while both ETH and BTC decline in tandem, shedding the hard-earned gains from last week as we are reading more today in our latest altcoin news.
The total market cap of the crypto industry dropped by 4% amid Russia’s invasion of Ukraine. BTC dropped also by almost 4% over the past day and dropped from $44,000 to $41,100 early this morning. The leading crypto has since recovered some of the losses and it is trading at just over $41,600 as per the data from CoinGEcko. Ethereum is down by 5% after crossing the $3000 level on Thursday afternoon. The smart contracts platform shed some points overnight into the morning and it is now trading hands at $2,740.
The losses came after the assets drew back from the steeper losses and BTC dropped to just over $34,000 and ETH to $2300. Other cryptocurrencies are not doing so much better as well and out of the top ten largest, Solana is the market’s bigger loser as the token SOL dropped by 6.8% over the day and it is now trading at $92. Polkadot and Avalanche as the two popular ETH-killers looked bearish and both cryptocurrencies are down by 3.5% the past day.
The stocks like Coinbase, PayPal, and block are not providing the investors with a lot of shelters either and Coinbase is down more by 8%, Block by 8%, PayPal also down by 5% as the crypto market reacts to the Russian invasion. Russia’s invasion of Ukraine made a mess on the market so, besides the bearish price action, the events sparked calls for crypto exchanges to plug holes in the financial sanctions against Russia.
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Just as the Crypto markets erase $100B overnight, former presidential candidate Hillary Clinton said that she was very disappointed that the exchanges weren’t doing more to ban the Russian users:
“I was disappointed to see that some of the so-called crypto exchanges, not all of them, but some of them, are refusing to end transactions with Russia.”
Amid the calls, Coinbase, Kraken, and Binance all decided not to ban Russian claiming that there are no legal grounds to do so. But Binance banned some citizens from using the platform and the CEO Changpeng Zhao said that he didn’t know how but many accounts have already been banned.
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