Bitcoin, Other Altcoins Continue To Lose On Russia-Ukrainian Crisis

In line with other asset classes such as equities, cryptocurrencies also continue to seesell-off. In today’s trade (February 28, 2022), the global crypto m-cap is $1.71 trillion, declining by over 1% over the previous day. Likewise, on the softness in cryptocurrencies, the volume has spurted by over 23% to $82.92 billion.

Likewise, on the softness, the largest crypto by m-cap is down by over 1.8% at $37,923, while in rupee terms it is available for Rs. 30.03 lakhs, trading lower by 1.45%. Also, Ethereum, Shiba Inu tumbled similarly.

Now as the digital asset class also went into the sell-off mode, the argument that cryptocurrencies provide a hedge in turbulent times becomes debatable. The crypto Bitcoin on a YTD basis has tanked by 19 and is substantially down from its highs of nearly $69K hit in November 2021.

The cryptocurrency prices have cracked amid Federal Reserve’s aggressive stimulus tapering stance and expectations of hike in interest rates as many as seven times this year to curb inflation.

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