Crypto Market Explained

crypto market

What are Crypto Currencies?

what are cyptocurrencies
What are Cryptocurrencies?

Cryptocurrencies are a digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority. “Decentralized” cryptocurrencies such as bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation” · As bitcoin gains ground, more countries and companies have begun accepting the cryptocurrency market.

Crypto market has more than rebounded after the initial shock of Russia’s Ukraine invasion.

Bitcoin and Ether, the two most popular cryptocurrencies both saw major price jumps early Tuesday as the global cryptocurrency market cap surpassed $2 trillion, according to CoinGecko. The skyrocketing prices come after nearly $200 billion was erased from the market following Russia’s march invasion of Ukraine.

What is going on with the Crypto market?

current crypto market 1
What is going on with the current Crypto market?

After trading below $39,000 yesterday, Bitcoin jumped more than 13% to above $44,000. Ether, which at one point reached a low of $2,795 yesterday, increased a little more than 8% for a 24-hour high of $3,029.

Prices retreated slightly Tuesday afternoon, with Bitcoin trading at $43,400 and Ether trading at about $2,900. Both cryptocurrencies are still more than 35% below their highs last November.

Both Bitcoin and Ether saw their value drop precipitously after President Joe Biden and the European Union announced increased sanctions against Russia after it invaded Ukraine. On Feb. 24, both Bitcoin and Ether sank to their lowest levels in a months, rivaling declines in late January. In a matter of hours, Bitcoin had dropped to $34,459 and Ether had dropped to $2,308.

Russia’s Ukraine Invasion Crypto Market Soars as Old Currencies Die

history of crypto
The History of Ether and Bitcoin

Cryptocurrencies, especially Bitcoin, have been touted by investors as a hedge against rising prices and an asset that will hold their value during periods of traditional market volatility. But recent price swings take away from that argument, as the crypto market and traditional finance markets seem to be more aligned than at odds.

Regardless, some investors, including many in Russia and Ukraine, have switched to crypto as other markets are shut down or sanctioned, and the price of the ruble has plummeted.

Crypto market trades using the Russian ruble and the Ukrainian hryvnia surged to levels not seen in months, according to crypto data company Kaiko, CNBC reported. Because cryptocurrencies can be traded using online exchanges instead of banks and other intermediaries, they could also be a way for wealthy Russians to skirt sanctions.

Despite calls from Ukraine’s government and others to block Russians from crypto exchanges, the world’s largest exchange, Binance, said Monday it would not unilaterally block Russian users. This is really wild to watch, the stuff of world war. May we all pray for peace for all mankind.

This story was originally featured on Fortune.com.

Keep your eye on Solana, you are welcome.

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