Daily Times

The cryptocurrency market turned bearish on Monday, snapping a three-day winning streak amid Russia-Ukraine war.

As of 1350 hours GMT, the market capitalisation shed 4 percent to reach $1.81 trillion as the aggravation of tension around Ukraine exerted pressure on risky assets.

The largest cryptocurrency Bitcoin’s (BTC) price came down by 4.29 percent to reach $37,996. With this decrease in price, the market capitalisation of the biggest crypto has reached $719.5 billion. Bitcoin shed 0.8 percent during the last seven days.

Ether, the world’s second-largest cryptocurrency by market capitalisation, took a giant dip of 7.1 percent to reach $2,615. With this decrease in price, the market capitalisation of ETH has reached $307.7 billion. Ether has gained 0.1 percent of its value over the last seven days.

Similarly, XRP price shed 5.62 percent to reach $0.719. The market capitalisation of XRP stands at $71.8 billion with this decrease. XRP has shed 6.8 percent during the last seven days.

On the other hand, Cardano (ADA) price went 2.47 percent down to reach $0.879. Its market capitalisation has reached $29 billion with this decrease. ADA shed 5.1 percent in the past seven days.

Following suit, Dogecoin (DOGE) price slipped 3.83 percent to reach $0.123. With this decrease in price, the market capitalisation of DOGE has reached $16.3 billion. DOGE has shed 9.8 percent during the last seven days.

Meanwhile, cryptocurrency donations to the government of Ukraine have reached almost $19 million as the country continues to resist an invasion from a much larger Russian state, according to blockchain data analytics firm Elliptic. The Ukraine’s government and other non-government organisations (NGOs) providing military assistance have raised as much as $18.9 million, the firm reported in an updated blog post.

Thousands of donations in crypto began pouring money into Ukrainian coffers amid the onset of the Russian invasion, which sparked a humanitarian crisis and drew condemnation from Western powers, including the US and the EU.

Ironically, Washington is also reportedly considering sanctions involving crypto for fear they may be used to bypass sanctions imposed by the western nations against Russia including the west’s move on Saturday to boot major Russian banks from the SWIFT interbank network.

The tightening of western sanctions, directed at isolating Russia from global finances, has raised concerns among analysts that Moscow may turn to cryptocurrency in order to circumvent the mounting restrictions.