Bitcoin drops slightly amid market volatility, and Ether price hike



Cryptocurrency update: On Friday, March 18, bitcoin fell slightly amid volatile markets as tensions between Russia and Ukraine dragged on for more than a month. The world’s largest cryptocurrency by market cap is down 0.02 percent in the past 24 hours to $40,755.47 at the time of writing, according to global cryptocurrency tracker CoinMarketCap. It should be noted that Bitcoin has gained nearly 5 percent in the past seven days.

Ether, the second most popular cryptocurrency, jumped 1.64 percent in one day to $2,798.10, according to CoinMarketCap. On a weekly basis, Ether has gained more than 8 percent.

Bitcoin has fallen below $40,000 over the past month as the conflict between Ukraine and Russia intensified. On the other hand, the price of gold jumped to its highest level since June last year. Analysts mentioned earlier that bitcoin could stumble further below $30,000 as traders are now expected to favor gold.

The US Federal Reserve raised interest rates for the first time since 2018, from 0.25 percent to 0.5 percent to combat rising inflation. In most cases, higher interest rates tend to indicate uncertainty in the cryptocurrency market as investors have a higher possibility of getting returns from lower risk avenues in the market.”

“However, on the contrary, the past 24 hours witnessed an unusual response to the cryptocurrency market, and it is heading higher to continue its bullish trend in the greens,” the company said.

She added that this may be a case of a delayed market reaction and investors may only start to see its real impact on cryptocurrencies in the future.

The global cryptocurrency market also jumped slightly again despite the Russia crisis in Ukraine as most of the major cryptocurrencies gained in value. The cryptocurrency market cap has reached $1.83 trillion, according to data from CoinMarketCap. This has risen by 0.26 percent over the past 24 hours. However, global cryptocurrency volumes fell over the past day. The total volume of coins in circulation reached $78.85 billion over the past day. Data posted on the website said this had fallen by 16.77 percent over the past 24 hours.

Here are the top 10 cryptocurrencies and their prices on March 18, 2022 (data from coinmarketcap.com at the time of publication of this article)

Bitcoin $40,755.47, or a loss of 0.02 percent over the past 24 hours

Ethereum $2,798.10, or 1.64 percent, gain in the last 24 hours

Earn $1.00 or 0.01 percent in the last 24 hours

BNB $387.79 or 0.67 percent gain in the last 24 hours

USD Coin $0.9997 or 0.02 percent loss over the past 24 hours

XRP $85.62 or a loss of 2.14 percent over the past 24 hours

Terra $90.16, or 3.20 percent, gain in the last 24 hours

Cardano $0.8317, or 1.59 percent, loss over the past 24 hours

Solana $86.56, or 0.99 percent, in the last 24 hours

Avalanche $79.84, or 5.05 percent gain in the last 24 hours

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